Prologis Hits 500-Megawatt Solar Milestone - Halfway to One Gigawatt Goal

Source: 12/6/2023, Location: North America

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.

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