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Urstadt Biddle Properties Inc. (“UBP”) (NYSE: UBA and UBP) announced today that UBP and its wholly-owned subsidiary (UB Solar, Inc.) have completed the installation of a solar power system (the “System”) at Valley Ridge Shopping Center in Wayne, New Jersey (the “Center”), a UBP-owned property. This is UBP’s first project involving solar power. The System is expected to produce approximately 300,000 KWH/year of electricity, and it is expected that all of the power generated by the System will be used at the Center, with a significant portion used by The Great Atlantic and Pacific Tea Company, the Center’s largest tenant. UB Solar, Inc. financed 70% of the cost of the System with a loan from PSE&G, through PSE&G’s “Solar Loan Program I”. UB Solar, Inc. has the option of repaying all or part of the PSE&G loan with Solar Renewable Energy Credits that are expected to be generated by the System. Most of the remaining cost of the System will be funded by a renewable energy grant from the federal government.
UBP selected Martifer Solar USA, Inc. for the turnkey design and construction of the system, and the Company received significant consulting assistance from IPPsolar Energy, LLC.
Commenting on the project, John T. Hayes, UBP’s Chief Financial Officer, stated, “We have taken many steps over the last several years in order to improve energy efficiency and generate energy cost savings across our portfolio, including the use of third-party energy suppliers, but our solar project at Valley Ridge Shopping Center represents UBP's first foray into generating renewable energy for use at one of our properties.” Mr. Hayes added, “We are very pleased with the outcome of this project, and we were very fortunate to have the assistance of Martifer Solar and IPPsolar to help guide us through the renewable energy wilderness for the first time. We hope this will be the first of many solar projects for UBP.”