Gerding Edlen brokers major NJ solar deal
By Wendy Culverwell, Business Journal Staff Writer
Business Journal Staff Writer
Oregon's solar energy tax credits are held back by budget concerns.
Gerding Edlen Sustainable Solutions has executed an agreement that will lead to what it says will be North America's largest single-rooftop solar system when it debuts this summer.
Under terms of the deal, Gerding Edlen will oversee development of a 4.8 megawatt solar array on Jersey Gardens, a 1.3 million-square-foot shopping center in Elizabeth, N.J. Gilmcher Realty Trust (NYSE: GRT) developed Jersey Gardens in 1999 on a former landfill.
The solar array will generate enough power to offset about 11 percent of the mall’s electrical consumption.
Gilmcher contracted to buy the power from Clean Focus LLC, a Silicon Valley firm that will develop and own the system and its associated tax credits.
The project will be constructed in two phases using solar modules manufactured by SunPower Corp. (Nasdaq: SPWRA, SPWRB) and mounted on SunPower’s T5 Solar Roof tiles. It should be complete this summer.
The firm managed the Jersey Gardens deal including organizing renewable energy tax credits, securing financing, identifying the appropriate solar technology and putting together the final agreement.
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