"The time was right to put together an initiative that has a benefit for the environment and our tenants, and produces a new revenue stream for Developers Diversified," says Marc Feldman, vice president of new business development of Developers Diversified, tells GlobeSt.com. "This was unused space for rent." The company will install solar panels at six centers in the next quarter, with an eye to 30 centers by year-end.

In essence, Feldman says, Developers Diversified will serve as a landlord for SunEdison, which owns, operates and services the panel systems, which produce renewable energy without generating noise, pollution or greenhouse gases.

The result will provide $2.5 million in revenue to Developers Diversified in 2009, while the company purchases energy at a lower price than that of local utilities for its common area, reducing CAM charges. It also can provide the same rates to tenants who opt to purchase the power. Each system also will avoid an estimated 10 million pounds of carbon dioxide pollution, as well as significant amounts of nitrous oxide and methane pollutants, the company says. Backup systems will provide power when solar energy is insufficient.