ProLogis Forms Global Renewable Energy Group

DENVER (AP) — Distribution-facility owner ProLogis on Tuesday said it has formed a global renewable energy group to expand on the wind and solar projects at the buildings it leases.

The Denver-based company announced a 4.8 megawatt solar project to be installed on eight of its rooftops at ProLogis Park Sant Boi in Barcelona and ProLogis Park Alcala in Madrid, Spain.

Recurrent Energy will own and operate the system and will sell the energy produced to the local utility company through a feed-in tariff.

ProLogis has solar installations on 20 buildings covering 7.2 million square feet of roof space.

The company leases industrial facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.

ProLogis fell 61 cents, or 4.9 percent, to $11.77 in premarket trading.