One of The Largest Single Rooftop Solar Systems in North America to be Built on Jersey Gardens - New Jersey's Largest Outlet Mall Owned by Glimcher Realty Trust
NEW JERSEY, Jul. 1, 2011 /PRNewswire/ -- Glimcher Realty Trust (NYSE: GRT), one of the country's premier retail REITs, has begun the installation for one of the largest single-roof top solar systems in North America to be built on the roof of Jersey Gardens in Elizabeth, New Jersey. The 4.8 megawatt (MW) solar array will generate enough power to offset 11 percent of the electrical consumption of the mall. Jersey Gardens, with 1.3 million square feet of leasable space, is one of the largest properties in Glimcher's regional mall portfolio, with tenants including Gap Outlet, H&M, Lord & Taylor Outlet, Neiman Marcus Last Call, Nike Factory Store and Saks Fifth Avenue Off 5th.
Throughout its portfolio, Glimcher has been a leader in implementing various techniques resulting in environmentally friendly methods to conserve energy, manage or reduce waste and recycle used materials. The addition of a solar array to Jersey Gardens was made possible through a partnership with Gerding Edlen Development, Inc. , the nation's leading expert in creating a future in green buildings, and Gerding Edlen Sustainable Solutions, a subsidiary of Gerding Edlen and expert in sustainable development, renewable energy and financing.
"Jersey Gardens is already known as a premier international shopping destination and has been an innovator in sustainability. We are proud to be working alongside Gerding Edlen to create a model for clean and effective energy development and management," said Marshall Loeb, president and COO, Glimcher Realty Trust.
According to Mark Edlen, CEO of Gerding Edlen., "Working alongside Glimcher Realty Trust to develop and manage this solar project within all its complexities from securing financing, to identifying the technology and integrating the various components to execute the final installation, exemplifies the mission of Gerding Edlen Sustainable Solutions."
To realize this initiative, Glimcher entered into a power purchase agreement with Clean Focus Corporation. Under the agreement, Clean Focus will finance and own the system. All solar renewable energy credits and environmental benefits associated with the system will be owned by Clean Focus. Jersey Gardens will buy the electricity at a predetermined, predictable price, providing a long-term hedge against rising power prices with no initial capital investment.
"The 4.8 MW project size fits squarely within our sweet spot of 1MW to 20MW, and the New Jersey SREC program offers attractive returns to our investors," said Stanley Chin, President and CEO of Clean Focus. The company works closely with independent developers and systems integrators to develop, finance, and operate solar systems throughout the United States.
"Through the creation of green jobs and incorporation of environmentally proactive green technology, this project will benefit the City of Elizabeth and the entire region," said Mayor J. Christian Bollwage. "Harnessing solar energy and transforming it into new energy supports the City's "Go Green" efforts, increases overall operational efficiency and effectiveness, and saves valuable dollars for Jersey Gardens."
The Jersey Gardens solar system will be designed, installed, and maintained by SunPower Corp. (Nasdaq: SPWRA, SPWRB), an American company that designs, manufactures and delivers the most powerful solar technology broadly available today. The SunPower® T5 Solar Roof Tile is the solar industry's first non-penetrating rooftop product that combines a high-efficiency SunPower solar panel, frame and mounting system into a single, pre-engineered unit. Tilted at a 5-degree angle, the system will approximately double the energy generated per square meter compared to other systems that are mounted flat onto commercial rooftops.
"At 4.8 MW on a single rooftop, this is a milestone solar installation made possible with SunPower's high-efficiency panels and T5 Solar Roof Tile system," said Tom Leyden, managing director at SunPower. "By hosting this system, Jersey Gardens will reliably maximize its savings on electricity costs over the next 20 years or more."
The Jersey Gardens solar system was financed in part by the Public Service Electric and Gas Co. (PSE&G) Solar Loan Program. The Solar Loan Program can help qualified PSE&G electric customers finance from 40% to 60% of the total cost of their solar system. The loan can be re-paid using Solar Renewable Energy Certificates (SRECs) generated by the solar system with a minimum value for each credit guaranteed by PSE&G.
"PSE&G is pleased to welcome Jersey Gardens to the growing list of New Jersey companies that have committed to carbon-free electric production through our Solar Loan Program," said Susanna Chiu, director - renewable energy programs for PSE&G. "By taking advantage of financing through our program, Jersey Gardens is demonstrating that solar power can make sense for both the environment and for an organization's bottom line."
From its development, Jersey Gardens has been a leader in sustainability. The mall was built by Glimcher Realty Trust in 1999 on the site of a former landfill. Additionally, the property employs a robust recycling program and recently completed a light retrofitting to replace fluorescent and exterior neon lighting in an effort to manage its environmental footprint.
ABOUT THE COMPANIES
Glimcher Realty Trust
Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of malls, which includes enclosed regional malls and open-air lifestyle centers as well as community centers. Glimcher® is a registered trademark of Glimcher Realty Trust. Glimcher Realty Trust's common shares are listed on the New York Stock Exchange under the symbol "GRT." Glimcher Realty Trust's Series F and Series G preferred shares are listed on the New York Stock Exchange under the symbols "GRTPrF" and "GRTPrG," respectively. Glimcher Realty Trust is a component of both the Russell 2000® Index, representing small cap stocks, and the Russell 3000® Index, representing the broader market. (glimcher.com)
Gerding Edlen Development, Inc.
Considered the nation's leading expert in creating a future in green buildings, Gerding Edlen is a full service real estate investment, development and asset management firm with a depth of experience in sustainable development, renewable energy and creative financing structures. Recognized for their socially responsible approach to real estate investment, Gerding Edlen is one of the world's leading developers of LEED Certified properties with over 40 certified or registered projects. Since 1996, the firm has developed more than 60 green projects totaling nearly $5 Billion in real estate value throughout the Western United States. (gerdingedlen.com)
Gerding Edlen Sustainable Solutions
Gerding Edlen Sustainable Solutions, a wholly owned subsidiary of Gerding Edlen, was established to provide comprehensive development services to public and private real estate portfolio owners to meet the growing demand for retrofit development services and third-party financed renewable energy systems. Through a unique developer perspective, Gerding Edlen Sustainable Solutions provides an integrated approach, leveraging experience from assessment through implementation, to integrate practical, sustainable solutions in systems analysis and optimization, financing and construction management. (gerdingedlen.com/sd_gess/index.php)
Clean Focus Corporation
Clean Focus Corporation develops, finances, and operates solar-power installations in the commercial, government, and utility sectors. By working closely with independent developers and system integrators, Clean Focus identifies economically attractive solar projects and finances them through Power Purchase Agreements (PPAs) and long-term leases. Energy users benefit from turnkey, predictably-priced solar energy. Based in Silicon Valley, Clean Focus funds and executes projects with domestic and international sources of capital. (cleanfocus.us)