US Socore starts installing 53 solar systems for Walgreens

(SeeNews) - Sep 20, 2011 - US solar systems installer Socore Energy yesterday said it had started the installation of 53 solar systems under a contract with Walgreens (NYSE:WAG) to build 90 systems at its drugstores in the state of Ohio.

Under the agreement, Socore will develop, finance and build the solar systems, and Walgreens will lease them for 10 years.

Earlier this month, Socore started building the first 20 solar systems for Walgreens stores in Cincinnati.

The cost of the 53 projects is estimated at USD 9.9 million (EUR 7.2m). Socore has obtained a USD-5.2-million loan to develop the systems from the Ohio Air Quality Development Authority and is financing the rest of the amount from own sources and a federal solar tax credit.

The 53 solar systems will be installed by November 11, boosting the number of Walgreens' solar sites to 136, Socore said.

Socore has contracted Power-One (NASDAQ:PWER) as its exclusive provider of inverters for the projects, while the US unit of German solar tech firm SolarWorld AG (ETR:SWV) will supply solar panels.

(USD 1 = EUR 0.731)

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