NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Kimco Realty Corporation (NYSE: KIM) today announced that the company has installed photovoltaic (PV) solar energy arrays at its retail properties in Bridgewater and Edgewater, N.J., bringing the company’s portfolio of solar-powered centers in the state to six.
The two PV systems will generate an estimated 1.3 million kilowatts of zero-emission power per year, and are estimated to meet 60 – 80 percent of the annual energy needs of several major retailers in the centers. Kimco has over three megawatts of energy production capacity across its six solar-enabled properties in New Jersey, equivalent to the average usage of 300 households.
Under Kimco’s corporate responsibility program, the company is pursuing initiatives at its shopping centers that provide a positive environmental impact while reducing costs or generating additional income. Kimco is working on expanding its list of solar-powered centers both within and beyond the borders of the state.
“Responsible initiatives like Kimco’s solar power systems deliver measurable cost savings to our tenants and an environmental benefit to our communities. These efforts resonate positively with our retailers and shoppers, and are increasingly important to our investors,” says Michael Pappagallo, chief operating officer for the company.
Kimco is a member of the U.S. Department of Energy’s Commercial Real Estate Alliance (CREEA), which promotes technology to reduce the energy consumption and greenhouse gas emissions of the commercial real estate market.
About The Centers
The Bridgewater Promenade is a 242,000-square-foot shopping center located at the intersection of Route 28 and Interstate 287, owned by the Kimco Income REIT joint venture partnership. Edgewater Commons is a 423,000-square-foot shopping complex at New River Road in Edgewater, N.J., owned in partnership with an entity of Prudential Real Estate Investors.
About Kimco
Kimco Realty Corporation (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of Sept. 30, 2011, the company owned interests in 940 shopping centers comprising 138 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, visit the company's web site www.kimcorealty.com.