MACERICH ADVANCES CARBON-NEUTRALITY AIMS WITH POWER FROM SRP'S CENTRAL LINE SOLAR PLANT
PHOENIX (May 10, 2022) – In an important step toward its corporate carbon-neutrality goals, Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of major regional town centers in top markets, is increasing its use of renewable energy in central Arizona as the Salt River Project’s (SRP) new Central Line Solar plant goes online.
Located within both Eloy and Coolidge, Arizona, the newly operational, 100-megawatt Central Line Solar facility is a recent addition to SRP’s Sustainable Energy Offering and will enable significant reductions in CO2 emissions. Macerich will purchase 8% of the plant’s power, reducing the company’s fossil fuel use in Arizona by almost 20% and advancing its path to carbon neutrality by 2030, 20 years ahead of the climate goals reached in the Paris Agreement.
The Central Line Solar power supports Macerich’s strategy to explore off-site renewable power opportunities to complement the company’s on-site renewable generation. Today, solar energy systems at 14 Macerich properties generate more than 16 million kilowatt-hours of electricity annually.
“We value SRP’s efforts to offer green energy choices, and we’re proud to be part of the major shift toward decarbonization in the key Phoenix market,” said Macerich Vice President of Sustainability Jeff Bedell. “Receiving power from the Central Line facility represents another step in our journey to become the first company in our industry to achieve carbon neutrality.”
Macerich, a longstanding real estate industry leader in sustainability, owns and operates nine high-profile retail and mixed-use properties in Metro Phoenix, with centers in Chandler, Gilbert, Glendale, Mesa, Phoenix and Scottsdale.
The Company’s environmental and sustainability programs align with the United Nations Sustainable Development Goals adopted in 2015 and include a commitment to achieve carbon neutrality by 2030.
The Central Line plant is owned and operated by the AES Corporation (NYSE: AES) and is the second project developed by AES to serve SRP’s Sustainable Energy Offering. SRP develops these programs to respond to customers’ clean-energy objectives and is on track to add 2,025 megawatts of new utility-scale solar energy to its renewable portfolio by 2025.
Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT), which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 48 million square feet of real estate consisting primarily of interests in 44 regional town centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets, with significant presence on the West Coast, in Arizona and in the Metro New York to Washington, D.C., corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for seven straight years (2015 – 2021). Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.