Landmark Solar Power Purchase Agreement Between REIT and National Retailers
NORTH BRUNSWICK, N.J., Aug. 10 /PRNewswire/ -- Kimco Realty Corporation (NYSE: KIM) and American Capital Energy (ACE) recently announced the completion of a 800kW photovoltaic (PV) solar rooftop array at Kimco's North Brunswick Plaza located on Route 1 in North Brunswick, NJ. This completed project marks the first of three solar energy projects with Kimco and ACE.
Kimco through its wholly owned subsidiary, Center Sun LLC (Center Sun), has initiated a renewable energy program to develop, own and operate commercial grade rooftop solar systems at select Kimco-owned shopping centers. Center Sun generates income through the contractual sale of solar electricity to its retail tenants and selling solar renewable energy credits (SRECs) to third party compliance and voluntary market buyers.
As the system owner, Kimco is able to install PV arrays on selected rooftops and sell the power back to its tenants at a fixed and discounted price reducing future pricing volatility. Additionally, Kimco can provide its tenants shorter 2-5 year power purchase agreements versus the traditional 20 year agreements.
This groundbreaking renewable energy program enables Kimco to reduce operating costs for tenants, expand its ancillary income platform and recognize significant compliance benefits while still maintaining full control of its rooftops. More importantly, Kimco's renewable energy program facilitates the advancement of its green initiatives and sustainability programs and promotes solar as a viable alternative to grid power in the shopping center business.
The solar rooftop array also delivers environmental benefits that include the displacement of more than 750,000 pounds of CO2 emissions and 931 pounds of NOx emissions from coal fired power plants, which is the equivalent of taking more than 200 cars off the road each year.
ACE, an American-owned solar-electric power systems integrator, managed all engineering, procurement and installations of the North Brunswick solar rooftop array. Although installation was conducted during harsher than normal winter conditions, ACE completed the entire project within a four month timeframe.
Tom Hunton, ACE President and CEO, said "We look forward to working with the Kimco team to develop cost-efficient and effective solar energy systems to further expand their renewable energy program. Kimco's North Brunswick project showcased ACE's ability to apply a creative engineering solution and bring a client on-line very quickly, even in 2 feet of snow."
Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North America's largest portfolio of neighborhood and community shopping centers. As of June 30, 2010, the company owned interests in 1,465 retail properties comprising 150 million square feet of leasable space across 45 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 50 years. For further information, visit the company's web site at www.kimcorealty.com.
About American Capital Energy
American Capital Energy is the premiere national solar engineering, procurement and construction contractor and solar developer in the United States. Specializing in large complex roof and ground mounted systems, ACE designs, finances, installs and implements solar systems for commercial and utility clients. Founded in 2005, the company has installed more than 30 MW of PV in seven states. ACE has earned a reputation for commissioning projects on time, within budget and that exceed power production expectations. ACE installations include the largest roof top installation in U.S., 20 percent of the utility-scale arrays currently under construction in the U.S. and large notable arrays for top companies in the U.S.
ACE manages every aspect of solar array construction and integration for its customers. It offers financial analysis, project financing, system design, procurement, project management, installation, operation training and maintenance. A hallmark of ACE's business is quickly moving its customers from concept to construction and optimizing each array design to the given environment to maximize its solar output. The ACE engineering and contracting team has been able to adapt ground-mount arrays using ballasted mounts for brownfields, fixed tilt mounts for smaller spaces or wetlands, and single-axis trackers for larger plots. For more information visit www.americancapitalenergy.com.
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The statements in this presentation, including targets and assumptions, state the Company's and management's hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include the key assumptions contained with this presentation, general economic conditions, local real estate conditions, increases in interest rates, foreign currency exchange rates, increases in operating costs and real estate taxes. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC.
SOURCE American Capital Energy