Martifer Solar USA, Inc. has completed two solar installations for the Westfield Group, one of the world's largest REITs to own and operate its own photovoltaic systems. The installations, totaling 1.7 MW, are located at Westfield Topanga and Westfield Fashion Square shopping malls in Southern California. Both systems utilize rooftop panels, with solar carports built at Fashion Square.
Following Martifer Solar USA's thorough analysis of several properties, Westfield selected its Topanga and Fashion Square facilities as the most suitable for meeting the firm’s sustainability, customer experience and financial performance objectives. I applaud Westfield for their out of the box thinking in financing this project, remarked Martifer Solar USA’s Chief Strategy Officer Kent James, who led the structuring of the deal. Westfield offset more than long term energy consumption; they recovered 30% of the system cost up front through federal grant money available only to system owners. This transforms the solar landscape for REITs seeking to take advantage of solar incentives.”
A well-developed Alternative Energy Program is one of the four main strategies of Westfield’s holistic Energy Management Program, said Joe Jaworski, Westfield’s Vice President of National Operations. Westfield is proud to be a leader in the shopping center industry in such an important area of interest for our shoppers and the communities that we serve.
As of the completion of the systems, Martifer Solar USA has undertaken feasibility studies at additional Westfield properties throughout the nation. Raffi Agopian, Chief Executive Officer of Martifer Solar USA, stated, These systems are proof of solar power’s commercial viability to Westfield’s peer companies - which will set the bar for other businesses to adopt sustainable practices in the near future. Now that we know how profitable solar can be for REITs, the opportunities are limitless.