PREIT to install 1,600 kW rooftop solar at Cherry Hill Mall

Pennsylvania Real Estate Investment (PREIT) has entered into an agreement with Safari Energy, provider of solar energy solutions to REITs, to install around 5,000 solar panels on the rooftop of Cherry Hill Mall, in Cherry Hill, NJ.

According to the agreement, Safari will develop, finance and build the project, and PREIT in addition to income will benefit from minimum electricity costs.

PREIT is taking advantage of the unused roof space at Cherry Hill Mall into a productive energy source by installing this 1,600 kW rooftop solar system.

Pennsylvania_solar_panel_installation_banner

The project is expected to be completed by the end of 2015, generating 1.8 million kilowatt hours of clean energy annually, corresponding to the elimination of 81,140 barrels of oil.

This will be the first solar project undertaken by PREIT and the company is committed to reducing its carbon footprint and energy consumption throughout its portfolio.

In addition, PREIT and Safari are exploring together additional solar opportunities at other PREIT centers.

By implementing PREIT’s first-ever solar energy project at Cherry Hill Mall, a significant economic value as well as environmental benefit is generated. Advanced implementation of sustainability practices in the everyday operation of centers is committed by the Company, says, Joseph F. Coradino, CEO, PREIT.

[email protected]