ProLogis Announces Spanish Solar – Analyst Blog
Source: http://www.zacks.com/stock/news/25367/ProLogis+Announces+Spanish+Solar+-+Analyst+BlogPosted on Wednesday, September 30th, 2009 | In Investing Lessons, Stocks to Watch
ProLogis (PLD), one of the leading global providers of distribution facilities, has recently announced its third new 4.8 megawatt solar project in Spain as part of its renewable energy program. The solar project would be installed on eight rooftops at ProLogis Park Sant Boi in Barcelona and ProLogis Park Alcala in Madrid.
With these installations, ProLogis currently has solar projects on 20 buildings spanning 7.2 million square feet of roof space in the U.S., Japan, France, Germany and Spain. On completion of the new project, ProLogis would generate more than 11 megawatt of energy, which is equivalent to the power consumption in over 1,100 households per year.
For the current solar project in Spain, ProLogis has leased 2 million square feet of roof space to Recurrent Energy, a leading provider of solar energy and power distribution company. Recurrent Energy will own and operate the project, and will sell the energy produced to local utility through a feed-in tariff. On the other hand, ProLogis will earn fees for construction management services and roof rental.
Currently, ProLogis has more than 450 million square feet of roof space across the globe, which offers unobstructed and readily available space for developing large-scale solar projects. Including the new project, ProLogis is utilizing less than 2% of the available roof space, which provides an upside potential for the company.
In order to capitalize on this opportunity and procure new business, ProLogis has formed a Global Renewable Energy Group. This would further enable the company to expand on the wind and solar projects across its industrial rooftops that offer unique host-site opportunities for utilities and private companies that invest in renewable energy.
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