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SoCore Energy Begins Solar Installations At 53 Ohio Walgreens Stores

Stocks in this article: PWER

SoCore Energy announced today that it has been chosen as the solar developer to assist Walgreens in completing one of the nation’s largest solar energy rollouts. Construction of the first 20 solar installations at Ohio-area Walgreens began earlier this month at stores in Cincinnati.

SoCore Energy, a Chicago-based solar developer, is under contract to provide 90 Ohio solar installations for Walgreens. The first 53 will be completed by November 11 th, pushing Walgreens’ total number of solar sites to 136. The first tranche of installations includes 14 sites in Columbus and 19 other locations in Southwest Ohio, including Dayton.

SoCore has chosen Power-One, Inc. (Nasdaq: PWER) as its exclusive provider of inverters for these projects, citing Power-One’s product breadth, quality, reliability and industry-leading yield as key factors in its decision. SolarWorld, the largest U.S. solar manufacturer for more than 35 years, will supply high-performance solar panels for the Walgreens effort. Thousands of the company’s 240-watt crystalline silicon panels will supply a total of 2 megawatts of power to the retail giant.

In addition to Walgreens, SoCore Energy provides solar installations to Fortune 500 companies, municipalities, schools and REITs.

“Walgreens’ impressive sustainability efforts include this substantial commitment to solar power and on-site renewable energy,” said Pete Kadens, SoCore Energy president. “These projects are certainly indicative of Walgreens intent to be one of the most environmentally considerate retailers in the world.”

The Ohio Air Quality Development Authority in May provided a $5.2 million loan to SoCore for development of the 53 rooftop solar systems across the state, including five in northwest Ohio. The remainder of the project’s $9.9 million cost is being funded by SoCore and a federal solar tax credit. Akron-based FirstEnergy Solutions is a key partner in this project as well.

“This effort is a testament to the support provided by the state of Ohio, which helped us seamlessly transition from concept to execution of this important effort. The state is truly laying the foundation for a solar energy ecosystem that will benefit residents for generations,” Kadens added.

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