Mar 3 2010
ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today a second solar project in Portland, totaling 2.4 megawatts (MW). Once completed, this project will be the largest rooftop solar system in the Pacific Northwest.
"We have made tremendous progress on our global rooftop solar program," said Drew Torbin, vice president of renewable energy for ProLogis. "We continue to see demand for our rooftops because they are ideally suited for solar installations and are immediately available for that purpose. This increased interest from utilities and investors demonstrates that large-scale distributed generation is a real solution for today's renewable energy needs."
ProLogis has signed an agreement with Portland General Electric (NYSE: POR) (PGE), a vertically integrated electric utility that serves approximately 818,000 residential, commercial and industrial customers in Oregon, for more than 900,000 square feet of roof space. The project will cover seven buildings and total 2.4 MW.
This is the second rooftop solar project between the two companies, bringing ProLogis' total partnership with PGE to 3.5 MW of solar energy, enough to power approximately 388 households annually.
"PGE is continuing to steadily grow its solar energy resources for our customers," said Carol Dillin, vice president of customers and economic development at PGE. "It's exciting to partner with ProLogis again to bring innovative projects like this to Oregon and strengthen the state's solar industry."
US Bank and PGE have formed SunWay 3, LLC to own and operate the system and to secure state and federal solar tax credits to help finance the project. All generated power will feed directly into PGE's electrical system to serve its customers. ProLogis will provide development services in addition to receiving roof rental income. Construction is expected to commence immediately.
ProLogis now has solar projects installed or under construction on 27 buildings throughout France, Germany, Japan, Spain and the United States. The installations cover more than 8.1 million square feet (755,000 square meters) of roof space and total 13.5 MW.
"Our program is unique because we have dedicated resources across the globe, providing the construction management experience and local relationships to get solar installations on the fast-track to completion," added Torbin. "With many active pursuits, we are excited about the potential value our solar program creates for ProLogis and its shareholders."
The ProLogis Renewable Energy group was formed in 2009 to procure new business, manage installations and provide development management services for renewable energy projects globally. ProLogis has more than 450 million square feet (42 million square meters) of roof space worldwide available for solar installations.