Weberstown Mall Completes Solar Panel Installation
September 16 2020 - 7:00AM
Business Wire
Washington Prime Group Inc. (NYSE: WPG) today announced as part
of its sustainability efforts the completion of the solar panel
system at Weberstown Mall, located in Stockton, California. The
system is comprised of 3,456 photovoltaic (PV) modules, spanning
more than 76,645 SF, offsetting approximately 37,400 tons of CO2
equivalent over 25 years.
Under the terms of the agreement, Safari Energy developed,
financed, and built the project, with Washington Prime Group to
purchase all the electricity generated by the system from Safari.
The rooftop solar system at Weberstown Mall allows the Company to
convert unused roof space into a productive source of energy for
the center. While significant cost savings are not expected for
Washington Prime Group or its tenants, the system is expected to
generate over 1,919,874 kilowatt hours of green energy per year,
the lifetime equivalent of eliminating more than 78,575 barrels of
oil.
David Heyman, Chief Executive Officer, Safari Energy, said: “We
applaud Washington Prime Group’s vision on sustainability, and are
proud to deliver green energy solutions for the team from coast to
coast. The Weberstown Mall project is our second with WPG and
Safari Energy’s 32nd commercial-scale solar project completed in
California, and we look forward to many more in the pipeline in the
state.”
In 2019, Washington Prime Group announced the completion of a
solar panel system at Jefferson Valley Mall, located in Yorktown
Heights, New York. The system is comprised of 2,746 photovoltaic
(PV) modules, spanning more than 73,000 SF, offsetting
approximately 22,190 tons of CO2 equivalent over 25 years. The
Company is working to establish a long-term goal for the
installation of renewable energy generation technology and is
currently exploring opportunities for additional solar panel
projects across its portfolio.
Safari Energy is a leading provider of solar energy solutions
for commercial customers in the US. Safari has developed and built
several hundred commercial-scale projects for real estate and
Fortune 500 customers across 23 states. Safari utilizes its deep
market experience in a client focused model to develop solar
projects that deliver superior financial value.
To learn more about the sustainability efforts at Washington
Prime Group, visit its, social, and governance or ESG microsite at
http://interactive.washingtonprime.com/esg/p/.
About Washington Prime Group
Washington Prime Group Inc. is a retail REIT and a recognized
leader in the ownership, management, acquisition and development of
retail properties. The Company combines a national real estate
portfolio with its expertise across the entire shopping center
sector to increase cash flow through rigorous management of assets
and provide new opportunities to retailers looking for growth
throughout the U.S. Washington Prime Group® is a registered
trademark of the Company. Learn more at
www.washingtonprime.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
which represent the current expectations and beliefs of management
of Washington Prime Group Inc. (“WPG”) concerning the proposed
transactions, the anticipated consequences and benefits of the
transactions and the targeted close date for the transactions, and
other future events and their potential effects on WPG, including,
but not limited to, statements relating to anticipated financial
and operating results, the Company’s plans, objectives,
expectations and intentions, cost savings and other statements,
including words such as “anticipate,” “believe,” “confident,”
“plan,” “estimate,” “expect,” “intend,” “will,” “should,” “may,”
and other similar expressions. Such statements are based upon the
current beliefs and expectations of WPG’s management, and involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of WPG to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, without limitation: changes in
asset quality and credit risk; ability to sustain revenue and
earnings growth; changes in political, economic or market
conditions generally and the real estate and capital markets
specifically; the impact of increased competition; the availability
of capital and financing; tenant or joint venture partner(s)
bankruptcies; the failure to increase store occupancy and
same-store operating income; risks associated with the acquisition,
disposition, (re)development, expansion, leasing and management of
properties; changes in market rental rates; trends in the retail
industry; relationships with anchor tenants; risks relating to
joint venture properties; costs of common area maintenance;
competitive market forces; the level and volatility of interest
rates; the rate of revenue increases as compared to expense
increases; the financial stability of tenants within the retail
industry; the restrictions in current financing arrangements or the
failure to comply with such arrangements; the liquidity of real
estate investments; the impact of changes to tax legislation and
WPG’s tax positions; losses associated with closures, failures and
stoppages associated with the spread and proliferation of the
coronavirus (COVID-19) pandemic; to qualify as a real estate
investment trust; the failure to refinance debt at favorable terms
and conditions; loss of key personnel; material changes in the
dividend rates on securities or the ability to pay dividends on
common shares or other securities; possible restrictions on the
ability to operate or dispose of any partially-owned properties;
the failure to achieve earnings/funds from operations targets or
estimates; the failure to achieve projected returns or yields on
(re)development and investment properties (including joint
ventures); expected gains on debt extinguishment; changes in
generally accepted accounting principles or interpretations
thereof; terrorist activities and international hostilities; the
unfavorable resolution of legal or regulatory proceedings; the
impact of future acquisitions and divestitures; assets that may be
subject to impairment charges; significant costs related to
environmental issues; changes in LIBOR reporting practices or the
method in which LIBOR is determined; and other risks and
uncertainties, including those detailed from time to time in WPG’s
statements and periodic reports filed with the Securities and
Exchange Commission, including those described under “Risk
Factors”. The forward-looking statements in this communication are
qualified by these risk factors. Each statement speaks only as of
the date of this press release and WPG undertakes no obligation to
update or revise any forward-looking statements to reflect new
information, subsequent events or circumstances. Actual results may
differ materially from current projections, expectations, and
plans, if any. Investors, potential investors and others should
give careful consideration to these risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20200916005190/en/
Kimberly A. Green, VP, Investor Relations & Corporate
Communications, Washington Prime Group, 614.887.5647 or
Kim.Green@washingtonprime.com
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