CHERRY HILL, NJ—Pennsylvania Real EstateInvestment has engaged Safari Energy, asolar energy solutions provider, to install a 1,600 kW solargenerating system with more than 5,000 solar panels on the rooftopof Cherry Hill Mall, in Cherry Hill, NJ. Under theagreement, Safari will develop, finance and build the project, andPREIT will receive lease income and also benefitfrom reduced electricity costs.
With the 1,600 kW rooftop solar system, PREITwill convert unused roof space at Cherry Hill Mallinto a productive source of lease income while at the same timesignificantly reducing the Company's energy expenditures. Thesystem, which will be installed by the end of 2015, is expected togenerate 1.8 million kilowatt hours of green energy per year, thelifetime equivalent of eliminating 81,140 barrels of oil.
Cherry Hill Mall's rooftop solar system will bethe first solar project for PREIT. TheCompany is committed to exploring all opportunities to createshareholder value, as well as reducing its carbon footprint andenergy consumption throughout its portfolio. PREITand Safari are working together to explore additional solaropportunities at other PREIT centers.
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