Company's Investment in Rooftop Solar Yields
Benefits for Customers, Communities
SAN
FRANCISCO, Nov. 29, 2022 /PRNewswire/ -- Prologis,
Inc. (NYSE: PLD), the global leader in logistics real estate, is
now ranked second in the nation for on-site solar generation,
according to the Solar Energy Industries Association's (SEIA) Solar
Means Business Report. The report details corporate solar energy
use in the United States.
"Our solar plans are very ambitious and include a goal of 1
gigawatt of solar and battery storage by 2025. With solar from
Prologis roofs, our customers reduce their emissions in an
economical way," said Susan
Uthayakumar, Prologis' chief energy and sustainability
officer. "Communities also benefit from gaining access to renewable
energy and improved grid resilience."
With ~1.2 billion square feet of space worldwide1,
Prologis has increased the solar generating capacity across its
U.S. portfolio from 145 megawatts in 2019 (the last time SEIA
released its report) to more than 217 megawatts in the U.S. and 340
megawatts globally (as of SEIA's June
2022 report). As of Sept. 30,
2022, Prologis' solar generation totalled 378 megawatts.
"Prologis' strong commitment to clean energy is renewed proof
that companies can reliably meet their electricity needs with
clean, affordable solar power," said Abigail Ross Hopper, president and CEO of the
Solar Energy Industries Association. "As a leader in logistics real
estate and a top commercial user of on-site solar, Prologis is
walking the walk to drive the clean energy economy forward."
A Record of Leadership
Prologis began installing solar
on the roofs of its building in 2007, generating energy to serve
the needs of the building and, in some cases, the local community.
For example, in a partnership with the Clean Power Alliance (CPA)
in California, Prologis will
install solar panels on existing facilities and provide renewable
energy to the CPA, which will serve disadvantaged communities by
providing fixed-rate, clean energy to local neighborhoods.
Prologis is also expanding its Energy and Sustainability
offerings to provide customers a suite of services including energy
efficiency retrofits, energy supply management, smart metering,
energy storage and fleet charging through its Prologis Mobility
program.
"GXO is committed to reducing the environmental impact of our
global operations and Prologis' solar offering has been
integral to our progress in this area," said Chuck Miller, Vice President of Operations and
Operations Support at GXO, the world's largest pure-play contract
logistics company. "Prologis made solar simple, which is helping us
expand our clean energy program and achieve our goal of 50%
renewable energy use by 2030."
Solar Supports Net Zero Goals
Earlier this
year, Prologis announced an ambitious commitment to achieve net
zero emissions across its value chain (scope 1, 2 and 3) by 2040.
This includes emissions from tenant energy use. On-site solar
generation will play a crucial role in helping Prologis meet its
industry-leading emissions reduction goal. Partnering with
customers and communities, the company plans to reach 1 gigawatt of
solar by 2025 supported by storage.
About Prologis
Prologis, Inc. is the global leader in
logistics real estate with a focus on high-barrier, high-growth
markets. As of September 30, 2022,
the company owned or had investments in, on a wholly owned basis or
through co-investment ventures, properties and development projects
expected to total approximately 1.0 billion square feet (97 million
square meters) in 19 countries. Prologis leases modern logistics
facilities to a diverse base of approximately 5,800 customers
principally across two major categories: business-to-business and
retail/online fulfilment.
FORWARD-LOOKING STATEMENTS
The statements in this
document that are not historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are based on
current expectations, estimates and projections about the industry
and markets in which we operate as well as management's beliefs and
assumptions. Such statements involve uncertainties that could
significantly impact our financial results. Words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
and "estimates," including variations of such words and similar
expressions, are intended to identify such forward-looking
statements, which generally are not historical in nature. All
statements that address operating performance, events or
developments that we expect or anticipate will occur in the
future—including statements relating to rent and occupancy growth,
development activity, contribution and disposition activity,
general conditions in the geographic areas where we operate, our
debt, capital structure and financial position, our ability to form
new co-investment ventures and the availability of capital in
existing or new co-investment ventures—are forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although we believe the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be attained and, therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. Some of the factors that may
affect outcomes and results include, but are not limited to: (i)
national, international, regional and local economic and political
climates; (ii) changes in global financial markets, interest rates
and foreign currency exchange rates; (iii) increased or
unanticipated competition for our properties; (iv) risks associated
with acquisitions, dispositions and development of properties; (v)
maintenance of real estate investment trust status, tax structuring
and changes in income tax laws and rates; (vi) availability of
financing and capital, the levels of debt that we maintain and our
credit ratings; (vii) risks related to our investments in our
co-investment ventures, including our ability to establish new
co-investment ventures; (viii) risks of doing business
internationally, including currency risks; (ix) environmental
uncertainties, including risks of natural disasters; (x) risks
related to the current coronavirus pandemic; and (xi) those
additional factors discussed in reports filed with the Securities
and Exchange Commission by us under the heading "Risk Factors." We
undertake no duty to update any forward-looking statements
appearing in this document except as may be required by law.
1 Data as of October 3,
2022, inclusive of Duke Realty.
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SOURCE Prologis, Inc.