UB Solar, Inc., a Subsidiary of Urstadt Biddle Properties Inc., Announces Installation of Two Solar Power Systems on Its Vall...
February 07 2011 - 3:49PM
Business Wire
Urstadt Biddle Properties Inc. (“UBP”) (NYSE: UBA and UBP)
announced today that UBP and its wholly-owned subsidiary (UB Solar,
Inc.) have completed the installation of a solar power system (the
“System”) at Valley Ridge Shopping Center in Wayne, New Jersey (the
“Center”), a UBP-owned property. This is UBP’s first project
involving solar power. The System is expected to produce
approximately 300,000 KWH/year of electricity, and it is expected
that all of the power generated by the System will be used at the
Center, with a significant portion used by The Great Atlantic and
Pacific Tea Company, the Center’s largest tenant. UB Solar, Inc.
financed 70% of the cost of the System with a loan from PSE&G,
through PSE&G’s “Solar Loan Program I”. UB Solar, Inc. has the
option of repaying all or part of the PSE&G loan with Solar
Renewable Energy Credits that are expected to be generated by the
System. Most of the remaining cost of the System will be funded by
a renewable energy grant from the federal government.
UBP selected Martifer Solar USA, Inc. for the turnkey design and
construction of the system, and the Company received significant
consulting assistance from IPPsolar Energy, LLC.
Commenting on the project, John T. Hayes, UBP’s Chief Financial
Officer, stated, “We have taken many steps over the last several
years in order to improve energy efficiency and generate energy
cost savings across our portfolio, including the use of third-party
energy suppliers, but our solar project at Valley Ridge Shopping
Center represents UBP's first foray into generating renewable
energy for use at one of our properties.” Mr. Hayes added, “We are
very pleased with the outcome of this project, and we were very
fortunate to have the assistance of Martifer Solar and IPPsolar to
help guide us through the renewable energy wilderness for the first
time. We hope this will be the first of many solar projects for
UBP.”
“Solar systems create a competitive advantage for property
owners like UBP,” said Raffi Agopian, CEO of Martifer Solar. “The
economic, corporate and environmental benefits for these types of
entities, specifically in a booming solar market like New Jersey,
are profitable and rewarding.”
Paul Jeun, a Partner of IPPsolar, commented, “IPPsolar is
extremely pleased to have had the opportunity to work with a
distinguished real estate company such as UBP in its efforts to
promote clean energy and helping UBP to begin the process of
reducing its carbon footprint across its portfolio. We believe this
project serves to highlight the proposition that prudent clean
energy can make environmental and economic sense.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust providing investors with a means of
participating in ownership of income-producing properties with the
liquidity of being listed on the New York Stock Exchange since
1969. UBP owns or has equity interests in 50 properties containing
approximately 4.6 million square feet of space and has paid 164
consecutive quarters of uninterrupted dividends to its shareholders
since its inception and raised its dividend to its shareholders for
the last 17 consecutive years.
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