Solar Portfolio Optimization Kimco Realty Corporation – White Plains, New York
Kimco Realty Corporation, a real estate investment trust headquartered in New Hyde Park, New York, is North America’s largest publicly traded owner and operator of open-air shopping centers. As of December 31, 2015, Kimco owned interests in 564 U.S. shopping centers comprising 90 million square feet of leasable space across 38 states and Puerto Rico. For Kimco, EcoMotion helped to strategize and target properties and opportunities for solar installations. After extensive roof-top analysis, a detailed case study of a mall in La Mirada, California highlighted key barriers – split incentives, varying leases, metering logistics, etc. – and pointed Kimco Realty, a REIT, toward a LLC position, rewriting leases and using rooftops and solar to create a new corporate profit center. Ultimately, three large solar installations were developed at shopping malls in New Jersey, capitalizing on strong incentives (through the SREC mechanism, Solar Renewable Energy Credits) and cold and wet winters that encourage enclosed malls.