Real Estate Developer Leases Rooftops to Power Companies to Install Solar Panels
Developer and Real estate trust ProLogis looks upward to ’electricify’ its cash flow and reduce its overhead.
ProLogis, who owns more rooftops than anyone in the world, announced plans to develop the rooftops (equal to 10,000 football fields) of their existing buildings, and lease the space to power companies to install solar panels.
From the press release:
Headquartered in Denver, Colo., as a manager and developer of real estate, ProLogis is actively seeking out electric utilities to lease out its rooftops as a way to earn extra income with no capital investment, while meeting the company’s goal of contributing to global sustainability.
As a real estate investment trust, ProLogis isn’t interested in owning the solar installations, but rather in engaging utilities as a renter of its space. Utilities make solid tenants that will enter long-term leases, as most power-purchase agreements for solar power generation are for 15 to 20 years.
ProLogis manages more than five hundred million square feet of industrial space and they are putting all of it to good use on three continents. Actually, ProLogis owns more rooftops than anyone in the world – they have available space in twenty-four countries across the globe. The amount of space is equivalent to approximately 10,000 football fields.
Although Prologis continues to develop new buildings on virgin land, their plan to put solar panels on their rooftops is a win-win for ProLogis, power companies and the environment. It makes good use of existing, undeveloped real estate, feeds the electrical grid and generates cash flowAdded Bonus: In addition to increasing cash flow for ProLogis, adding the solar roof panels also insulates their buildings, reducing their operating costs and their carbon footprint, simultaneously.
Kudo’ to Prologis for thinking “out of the box” and on the grid. Maybe it will encourage other developers to do the same.
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Tags: commercial real estate, Green News