Prologis, Inc., (NYSE: PLD) a global leader in industrial real estate, announced the completion of four new solar projects in Los Angeles.
Some 1.1 million square feet of Prologis rooftop space will feed a combined 4.2 megawatts of power directly into the Los Angeles Department of Water and Power (LADWP) electrical grid as part of the utility's Feed-In Tariff (FiT) program. Prologis is LADWP's largest FiT participant to date. The energy produced by the installation is expected to power approximately 1,100 homes each year in the Los Angeles area.
"LADWP is successfully integrating and expanding local solar energy into its power portfolio through important partnerships with forward-thinking companies such as Prologis," said LADWP assistant general manager Randy Howard.
"This project creates value for our portfolio and demonstrates our commitment to helping improve the communities in which we operate," said Drew Torbin, vice president, energy and development services, Prologis.
Prologis developed and built the solar installation. It was acquired by an affiliate of D. E. Shaw Renewable Investments, L.L.C., in partnership with Bright Plain Renewable Energy.
"We are proud to partner with Prologis to provide clean energy to LADWP and its customers by bringing into play existing rooftop real estate," said Bright Plain president William Lee.
Prologis renewable energy developments span six countries. Since 2007, Prologis has developed more than 110 megawatts of renewable energy across 25 million square feet (2.3 million square meters) of logistics real estate.