Pennsylvania Real Estate Investment Trust (PREIT) has entered into an agreement with Safari Energy LLC to install more than 5,000 solar panels on the rooftop of the Cherry Hill Mall in Cherry Hill, N.J.
Under the terms of the agreement, Safari will develop, finance and build the 1.6 MW project. PREIT says the project will convert unused roof space at the Cherry Hill Mall into a productive source of lease income while at the same time significantly reducing the company's energy expenditures. The system, which will be installed by the end of 2015, is expected to generate 1.8 GWh of electricity per year.
Cherry Hill Mall's rooftop solar system will be the first solar project for PREIT, which says it is interested in exploring opportunities to create shareholder value while reducing its carbon footprint and energy consumption throughout its portfolio. PREIT and Safari are working together to explore additional solar opportunities at other PREIT centers.
Some developers have been looking to REITs as a possible source of funding for solar projects.