Duke Realty Set to Become New Jersey’s Largest Community Solar Host
Duke Realty (NYSE: DRE), the largest domestic-only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States,has announced it will host solar projects covering nearly 1 million square feet of roof space across four of its New Jersey industrial sites through a partnership with Solar Landscape. The New Jersey Board of Public Utilities (NJBPU) selected the four projects, totaling 11.07 megawatts (MW), as the first of 77.61 MW of solar power awarded in year one of its three-year Community Solar Energy Pilot Program.
The allocation represents more than 29% of rooftop solar awarded in the program’s first year. When completed, the combined projects will make Duke Realty the largest community solar project host in New Jersey and deliver more than 250 million kilowatt hours (kWh) of renewable electricity to the community over the next twenty years.
“We are pleased to have been selected as a major participant in the first round of New Jersey community solar,” said Megan Basore, Duke Realty’s Vice President of Corporate Responsibility. “For nearly 50 years, Duke Realty has been one of the most prolific developers of logistics space in the United States, and we are proud to further our commitment to sustainable buildings with these projects in the New Jersey market.”
Solar Landscape, a New Jersey based developer of large commercial and industrial solar integrations, will own and operate the solar projects. The projects will provide local homeowners,renters, and businesses with discounted, clean energy without incurring the cost of adding solar panels to their own properties.
“The industrial real estate market – with its massive,often unencumbered rooftop spaces – is critical to the success of the New Jersey Community Solar Energy Pilot Program. These large scale projects mean that energy can be generated remotely, and used by residents all across New Jersey,” said Shaun Keegan, CEO of Solar Landscape. “We are excited to partner with Duke Realty to bring the benefits of this historic program directly to the community we call home.”
In the first year of the NJ Community Solar Pilot Program 252 applications were submitted to the NJBPU, totaling more than 650 MW of capacity. Just 45 projects were selected from the first year’s batch,allocating 77.61 MW for the program. Solar Landscape was awarded the most capacity of any contractor, winning 20.358 MW, or more than 26 percent of first round capacity. Round two of the pilot program is now underway.
The Duke Realty – Solar Landscape partnership was forged by a shared commitment from both companies to the communities they both operate within. With these projects, Duke Reality leverages existing industrial rooftop space to host photovoltaic panels that generate solar power. Solar Landscape, in turn, connects New Jersey communities and businesses to the power produced. As part of its operations, Solar Landscape will also provide cost-free local solar energy job training and professional certifications to individuals in these communities.
The partnership will support communities in many important ways. Solar Landscape expects that 51 percent of the electricity produced by the projects will be sold to low and moderate income households, and more than nine thousand tons of carbon emissions will be prevented from entering the atmosphere each year.
“We want to have positive impact on the communities we serve and the world in which we live,” continues Basore. “Our partnership with Solar Landscape accomplishes those goals and demonstrates our commitment to environmental stewardship.”
“This opportunity represents what’s possible when business objectives transcend the bottom line and seek to achieve a higher purpose,” continued Solar Landscape’s Keegan. “We believe the New Jersey Community Solar Program and others like it have the power to transform communities, and we are truly excited about the possibilities ahead.”
About Duke Realty
Duke Realty owns, maintains an interest in or has underdevelopment more than 7.6 million square feet of industrial real estate in New Jersey. Nationally, the company owns and operates 155 million square feet of rentable industrial assets in 20 major U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is a member of the S&P 500. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.
About Solar Landscape
Solar Landscape is a leading New Jersey developer, designer, installer, owner and operator of community solar and solar energy projects for the commercial and industrial, non-profit and public sectors. The company has installed more than 100 megawatts of commercial solar energy projects in the Northeast. Solar Landscape’s Solar Jobs Training Program is part of the company’s commitment to the Board of Public Utilities’ Community Solar pilot program. When completed, Solar Landscape’s portfolio of community solar projects from the first round will deliver more than 24 million kilowatt hours of electricity in the first year and more than 475 million kilowatt hours to New Jersey communities over the next 20 years. For more information visit www.solarlandscape.com
