Developers Diversified Realty Corporation (NYSE: DDR) today announced that the International Council of Shopping Centers (ICSC) presented the company with the "Best-of-the-Best" award during the industry's largest annual gathering in Las Vegas for the company's innovative rooftop solar panel program.
"Best-of-the-Best" Awards honor and recognize the most outstanding examples of shopping center design and development, sustainability, marketing, and community service worldwide. Developers Diversified was awarded top honors in the marketing category.
Developers Diversified entered into a partnership last year with solar energy services provider, SunEdison, for the rights to deploy solar energy systems at over 200 shopping centers throughout the United States. Between December 2009 and February 2010, solar panel arrays were activated at Developers Diversified shopping centers in New Jersey.
"We are deeply honored by this award," said Marc Feldman, senior vice president of new business development for Developers Diversified. "Leasing our roof space for solar panel hosting provides an opportunity for creative revenue generation while supporting our corporate sustainable energy initiative."
John Kokinchak, senior executive vice president of property management for Developers Diversified said, "With this innovative program we are able to reduce energy expenditures for the common areas of the shopping center, and realize environmental benefits by reducing noise, pollution and greenhouse gases."
The active projects in New Jersey are located at Nassau Park Pavilion in Princeton, Hamilton Marketplace in Hamilton, and Route 22 Retail Center in Union. These projects total over 143,000 square feet of available roof space for solar panels and will generate approximately 1.4 million kilowatts (kWh) of solar energy in the first full year of operation. Over 20 years, the sites will generate approximately 26 million kilowatt-hours, enough energy to power over 2,400 homes for one year.