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PREIT Installing Solar System at Cherry Hill Mall

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.

By Steve Lubetkin | Updated on October 01, 2014

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.

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