CHERRY HILL, NJ—Pennsylvania Real Estate Investment has engaged Safari Energy, a solar energy solutions provider, to install a 1,600 kW solar generating system with more than 5,000 solar panels on the rooftop of Cherry Hill Mall, in Cherry Hill, NJ. Under the agreement, Safari will develop, finance and build the project, and PREIT will receive lease income and also benefit from reduced electricity costs.
With the 1,600 kW rooftop solar system, PREIT will convert unused roof space at 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 million kilowatt hours of green energy per year, the lifetime equivalent of eliminating 81,140 barrels of oil.
Cherry Hill Mall's rooftop solar system will be the first solar project for PREIT. The Company is committed to exploring all opportunities to create shareholder value, as well as 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.
"By implementing PREIT's first-ever solar energy project at Cherry Hill Mall, we are creating significant economic value as well as generating environmental benefits," says Joseph F. Coradino, PREIT CEO. "We are committed to advancing our sustainability practices in the everyday operation of our centers."
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
