Urban Grid is pleased to announce the completion of a solar project installed in Somerdale, New Jersey at the Cooper Towne Center, where Cinemark is a tenant. Urban Grid secured a lease with National Realty & Development Corp, the building owner, for the roof space to install the solar energy system. Urban Grid developed and financed the project through a power purchase agreement (PPA) with Cinemark USA, Inc. for their Somerdale location. Sale of the electricity produced from the 655 kW array will offset Cinemark’s energy requirements and provide a hedge against potentially volatile energy prices into the future.   

 

“Urban Grid is excited to collaborate with such a highly reputable company as Cinemark to further spotlight our commitment to a sustainable future in New Jersey, a state that has seen incredible solar growth over the past few years,” stated Frank DePew, President and CEO of Urban Grid.  “We believe rooftop solar is a natural fit for businesses and hope Cinemark’s initiative will pave the way for commercial companies throughout the nation.”

 

SolAmerica provided engineering, procurement and construction services for the project. The 1,957 panel solar array is expected to produce 860 MWh of electricity in its first year of operation, offsetting a significant amount of Cinemark’s electric usage at this location and providing significant energy savings. DePew further stated, “Urban Grid was pleased to partner with SolAmerica on the design and construction of this project and expect this to be the first of many projects we work on together.” 

 

 

Cinemark is a leading domestic and international motion picture exhibitor, operating 526 theatres with 5,903 screens in 41 U.S. states, Brazil, Argentina and 13 other Latin American countries as of December 31, 2016. For more information, go to investors.cinemark.com.