ProLogis, global provider of distribution facilities, has formed a Global Renewable Energy Group to procure new business, manage installations and provide development management services for renewable energy projects globally. One such project is in partnership with Recurrent Energy for 4.8MW of installations in Spain. This project will be the first of many.
Walt Rakowich, CEO at ProLogis said, “We are excited to announce the formation of this group, which will enable us to expand upon the proven success in wind and solar projects we already have demonstrated in five countries across Europe, Asia and North America.”
Under the terms of the arrangement between the two companies, Recurrent Energy, distributed power company and provider of solar electricity to utilities, government, and commercial customers, will lease rooftops from ProLogis as solar project sites. Recurrent Energy will finance, own and operate the solar power systems located on eight of ProLogis’ distribution centers in Barcelona and Madrid. The systems will be grid-connected, feeding all power generated back into the local utility through the feed-in tariff that was awarded to Recurrent Energy in July 2009.
ProLogis will provide construction management services in addition to receiving roof rental fees. Construction is expected to commence in October 2009