ProLogis (PLD), a leading global provider of distribution facilities, recently announced a new rooftop solar project in Portland. On completion, the project spanning 90,000 square feet of roof space and generating about 2.4 megawatts (MW) of energy would be the largest rooftop solar system in the Pacific Northwest region.

In order to develop the project, ProLogis signed a deal with Portland General Electric (POR), a vertically integrated electric utility company that serves approximately 818,000 residential, commercial and industrial customers in Oregon. The new solar project is the second such rooftop project between ProLogis and Portland, generating a total of 3.5 MW of solar energy to power approximately 388 households annually.

Currently, ProLogis has various global solar projects spanning 8.1 million square feet of roof space generating approximately 13.5 MW of energy. The installations are spread across 27 buildings throughout France, Germany, Japan, Spain and the U.S. ProLogis has more than 450 million square feet of roof space worldwide available for solar installations.

ProLogis owns and manages interests in over 2,500 distribution facilities spanning 475 million square feet (including properties under development) of space. The company expects to start 700?800 million worth of new developments in 2010, primarily in Europe and Asia. The company also expects to monetize approximately $350 million to $400 million of land in 2010.

Zacks Investment Research

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