Partnership with ProLogis Marks a Solar Industry First that Demonstrates the Large Potential of Rooftop Solar
Photo rendering of five buildings at ProLogis Park Sant Boi. Photo Courtesy of ProLogis
SAN FRANCISCO – Sept. 29, 2009 – Recurrent Energy, a distributed power company and a leading provider of solar energy, today announced 4.8 megawatts (MW) of rooftop solar projects in Spain, which marks the company’s successful entry into Europe. The projects are the result of an innovative co-development arrangement with ProLogis (NYSE: PLD), a leading global provider of distribution facilities. Recurrent Energy was awarded a feed-in tariff by the Spanish government for the projects which are expected to enter commercial operation mid-2010.
“This is the first of many more to come for Recurrent Energy in Europe as well as an industry first that points the way towards the future of solar power,” said Arno Harris, CEO at Recurrent Energy. “We have over 500MW of distributed-scale projects in development across North America and Europe, and what this project successfully demonstrates is the sizable role commercial and industrial rooftops can play in large-scale solar deployment.”
Under the terms of the arrangement between the companies, Recurrent Energy leases rooftops from ProLogis as solar project sites. Recurrent Energy will finance, own and operate the solar power systems located on eight of ProLogis’ distribution centers in Barcelona and Madrid. The systems will be grid-connected, feeding all power generated back into the local utility through a feed-in tariff, which was awarded to Recurrent Energy in July.
“Working with Recurrent Energy brings us their expertise of developing distributed-scale projects which are faster to interconnect and permit, delivering the benefits of solar energy sooner, “ said Drew Torbin, director of global renewable energy for ProLogis. “We are a solid match, with more than 450 million square feet of large, flat, unobstructed, permit-ready roof space worldwide, ProLogis is able to solve one of the most basic issues involved in developing large-scale solar projects –the availability of appropriate host sites.”
ProLogis will also provide construction management services and is expected to begin development in October 2009. The execution of the projects will use local services within Barcelona and Madrid, including local contractors, engineering firms, and consultants. The completion of all projects is estimated for mid-2010.
“This project is a strong example of the value of rooftop-focused incentives provided by the Spanish government,” said Karl Knight, managing director of international development at Recurrent Energy. “By utilizing existing rooftops in the ProLogis portfolio, we are able to deliver a large amount of solar energy right where it’s needed most with almost no impact on the environment.”
About Recurrent Energy
Recurrent Energy is a distributed power company and a leading provider of solar electricity to utilities, government, and commercial customers. Located in San Francisco, the company is adapting traditional energy finance and business models to reinvent the business of distributed generation globally. By investing in a fleet of 2MW-20MW solar power plants sited close to areas of high demand, Recurrent Energy is helping to meet rising energy demand with clean power plants located right where they are needed most. The company has a pipeline of over 500MW of distributed-scale solar projects in development across North America and Europe. For more information on Recurrent Energy and distributed solar power, please visit www.www.caribama.net.
Bite Communications for Recurrent Energy