Rooftop Solar Benefits Customers and
Communities
SAN
FRANCISCO, Dec. 6, 2023 /PRNewswire/ -- Rooftop solar
and storage installations on Prologis Inc's (NYSE: PLD) buildings
can now generate 500 megawatts (MW) of energy – a significant
milestone that puts the company halfway to its one gigawatt (GW) of
solar supported by storage by 2025 goal. The global leader in
logistics real estate, which has been installing solar in its
buildings since 2005, achieved this important milestone, when its
one MW facility in Ontario,
California was activated. 500 MW
of solar capacity can support the energy needs of some 86,500 U.S.
homes, according to the Solar Energy Industries Association
(SEIA).
"With 1.2 billion square feet of premier real estate around the
world, we have a significant opportunity to help our customers and
the communities where we do business with rooftop solar and energy
storage," said Hamid R. Moghadam,
co-founder, chairman and CEO of Prologis. "In fact, we expect to
hit a gigawatt of installed capacity on our properties by
2025."
In 2022, Prologis announced a goal to achieve net zero emissions
across its operations and value chain by 2040. The company has set
interim goals to track its progress, which include achieving one GW
of solar by 2025, supported by energy storage. Prologis is
currently ranked #2 in the U.S. for on-site solar generation,
according to the SEIA. Across its global portfolio, Prologis
increased its rooftop solar generation 32 percent since
September 30, 2022 (when it totaled
378 MW).
"Solar plays a central role in our work to achieve net zero
emissions," said Susan Uthayakumar,
Prologis' chief energy and sustainability officer. "Prologis has
long invested in solar and increasing the amount of solar on the
roofs of our buildings goes far to help us meet customer demand for
cleaner energy while also contributing to the decarbonization of
local grids."
With its large global footprint, Prologis projects it could add
as much as six GW of solar and storage capacity to its portfolio
over the long term.
Helping Customers and Communities
"Prologis approached us with a very strong case for adding
solar," said John F. Hurtado,
Facilities Manager of Stanley Black
& Decker, Inc. "We've already seen benefits in terms of reduced
utility bills – and the energy that we don't use helps power the
local grid. We're delighted that they've been able to easily
provide a service that benefits us, as their customer, but also the
broader community where we do operate."
Some of Prologis' solar generation feeds directly into
local electrical grids, providing emissions-reduction and grid
resilience benefits to local communities through the local utility.
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. The
company also has similar solar projects in Illinois, Washington
State, New York and
New Jersey.
Beyond Solar
Prologis Essentials offers a suite of energy and sustainability
offerings, including energy efficiency retrofits, energy supply
management, smart metering, energy storage and fleet charging
(through Prologis Mobility).
In 2018, Prologis became the first logistics REIT with an
approved science-based emissions-reduction target. The company's
net-zero goal, announced in 2022, is currently being reviewed by
the Science Based Targets initiative.
ABOUT PROLOGIS
Prologis, Inc. is the global leader in
logistics real estate with a focus on high-barrier, high-growth
markets. At September 30, 2023, 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 1.2 billion square feet (114
million square meters) in 19 countries. Prologis leases modern
logistics facilities to a diverse base of approximately 6,700
customers principally across two major categories:
business-to-business and retail/online fulfillment.
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,
acquisition and 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 earn revenues from co-investment ventures, 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) international, national, regional and
local economic and political climates and conditions; (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, including the
integration of the operations of significant real estate
portfolios; (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
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(x) risks related to global pandemics; and (xi) those additional
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duty to update any forward-looking statements appearing in this
document except as may be required by law.
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SOURCE Prologis, Inc.