SAN FRANCISCO, Jan. 21, 2015 /PRNewswire/ -- Prologis, Inc.,
(NYSE: PLD) the global leader in industrial real estate, today
announced the completion of four new solar projects in Los Angeles.
Some 1.1 million square feet of Prologis rooftop space will feed
a combined 4.2 megawatts of power directly into the Los Angeles
Department of Water and Power (LADWP) electrical grid as part of
the utility's Feed-In Tariff (FiT) program. Prologis is LADWP's
largest FiT participant to date. The energy produced by the
installation is expected to power approximately 1,100 homes each
year in the Los Angeles area.
"LADWP is successfully integrating and expanding local solar
energy into its power portfolio through important partnerships with
forward-thinking companies such as Prologis," said LADWP assistant
general manager Randy Howard.
"This project creates value for our portfolio and demonstrates
our commitment to helping improve the communities in which we
operate," said Drew Torbin, vice
president, energy and development services, Prologis.
Prologis developed and built the solar installation. It was
acquired by an affiliate of D. E. Shaw Renewable Investments,
L.L.C., in partnership with Bright Plain Renewable Energy.
"We are proud to partner with Prologis to provide clean energy
to LADWP and its customers by bringing into play existing rooftop
real estate," said Bright Plain president William Lee.
Prologis renewable energy developments span six countries. Since
2007, Prologis has developed more than 110 megawatts of renewable
energy across 25 million square feet (2.3 million square meters) of
logistics real estate.
ABOUT PROLOGIS
Prologis, Inc., is the global leader in
industrial real estate. As of September 30,
2014, Prologis owned or had investments in, on a wholly
owned basis or through co-investment ventures, properties and
development projects expected to total approximately 585 million
square feet (54 million square meters) in 21 countries. The company
leases modern distribution facilities to more than 4,700 customers,
including manufacturers, retailers, transportation companies,
third-party logistics providers and other enterprises.
About D. E. Shaw Renewable Investments, L.L.C.
D. E.
Shaw Renewable Investments (DESRI) and its affiliates acquire
long-term contracted renewable energy assets in North
America. DESRI is a member of the D. E. Shaw group,
a global investment and technology development firm with more than
1,000 employees, approximately $34
billion in investment capital as of October 1, 2014, and offices in North America, Europe, and Asia.
FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are based on current expectations, estimates and
projections about the industry and markets in which Prologis
operates, management's beliefs and assumptions made by
management. Such statements involve uncertainties that could
significantly impact Prologis' financial results. Words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," variations of such words and similar expressions are
intended to identify such forward-looking statements, which
generally are not historical in nature. All statements that
address operating performance, events or developments that we
expect or anticipate will occur in the future — including
statements relating to rent and occupancy growth, development
activity and changes in sales or contribution volume of properties,
disposition activity, general conditions in the geographic areas
where we operate, our debt and financial position, our ability to
form new co-investment ventures and the availability of capital in
existing or new co-investment ventures — are forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although we believe the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be attained and therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. Some of the factors that may
affect outcomes and results include, but are not limited to: (i)
national, international, regional and local economic climates, (ii)
changes in financial markets, interest rates and foreign currency
exchange rates, (iii) increased or unanticipated competition for
our properties, (iv) risks associated with acquisitions,
dispositions and development of properties, (v) maintenance of real
estate investment trust ("REIT") status and tax structuring, (vi)
availability of financing and capital, the levels of debt that we
maintain and our credit ratings, (vii) risks related to our
investments in our co-investment ventures and funds, including our
ability to establish new co-investment ventures and funds, (viii)
risks of doing business internationally, including currency risks,
(ix) environmental uncertainties, including risks of natural
disasters, and (x) those additional factors discussed in reports
filed with the Securities and Exchange Commission by Prologis under
the heading "Risk Factors." Prologis undertakes no duty to update
any forward-looking statements appearing in this document.
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SOURCE Prologis, Inc.