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Panasonic and Macerich Form Strategic Renewable Energy Partnership
Panasonic Eco Solutions North America and Macerich, have aligned to begin the first phase of a multi-property retail real estate solar power program. Over the next 12 months, solar installations at a total of 12 Macerich shopping centers in Arizona, California, New York and Connecticut are expected to yield 10.2MW to 12MW of clean energy - enough power for approximately 10,000 homes.
- Macerich Santa Monica Place 3rd Street Promenade, one of the malls scheduled to be installed with Panasonic solar panels
"The Macerich portfolio represents an ideal opportunity for Panasonic to deliver an end-to-end solar solution on a large scale with an ideal partner," said Jim Doyle, President, Panasonic Eco Solutions North America. "We are delighted to have forged a strong partnership with Macerich and look forward to developing more solar opportunities across their national portfolio in the future."
The solar power initiative is part of Macerich's fully-integrated sustainability program, established in 2008, which focuses on energy efficiency, water conservation, sustainable real estate development and redevelopment, waste management and green operational practices and procurement. Macerich strives to conduct its business in a socially responsible manner that balances considerations of environmental and social issues while also creating long-term value.
"Macerich is committed to creating long term value by improving our natural resource efficiency, and operating and developing our properties in a sustainable and environmentally sound manner. Our partnership with Panasonic embodies this philosophy," said Eric Salo, Executive Vice President, Macerich. "Installing clean energy technology at our properties also aligns with our commitment to our retailers, our partners, and the communities where we operate."
"Our partnership with Panasonic allows us to deliver on our commitment to sustainability with a large-scale solar program that is environmentally responsible and delivers attractive financial returns: it's just good business," said Jeff Bedell, Vice President - Sustainability, Macerich.
Each of the 12 solar projects will be developed by Panasonic and financed and owned by Panasonic's financial platform partner, Coronal Management, via one of its affiliates.
"Macerich offers an example of the types of projects Panasonic and Coronal will pursue," said Jonathan Jaffrey, head of Coronal Management. "This alliance with Panasonic has created a powerful team with the resources and expertise needed to serve corporate clients like Macerich and stand behind solar installations over the long term."