Platform
With operations in 18 countries in North America, Europe and Asia, ProLogis is well positioned to serve companies with local distribution needs as well as those with global space requirements. In fact, we serve six of our top 10 customers on more than one continent. While market conditions required us to exit emerging markets such as China, India and the Middle East in 2009 to conserve capital, we have not precluded returning to those markets as global economies recover and customer requirements once again support demand.
Prior to the downturn in the global economy, we actively acquired a land bank to support a very high level of global development. Today with more modest prospects for growth, our objectives have changed, and we continue to reduce our level of land ownership. A key focus for the next three years will be to generate income from our land bank through third-party sales and development. During 2009, we sold or moved into development nearly $150 million of land. In 2010, we anticipate a total of $350 to $400 million from such activities. Longer term, our land will enable us to address new customer requirements more quickly than competitors. To meet this demand, we maintain a global development organization capable of delivering $1.0 to $1.5 billion of new construction annually.
We will also look to continue to leverage our people and platform. In 2009, we formed our Global Renewable Energy Group to focus on rooftop solar installations. Today, we have programs with utilities and investors for an aggregate capacity of 13 megawatts (MW) of power and are actively pursuing projects that have the potential for another 100 MW. These projects are not only good for the environment but are also a source of additional revenue for the company. We also are looking to capitalize on our global development expertise by undertaking construction management projects for customers who seek to own and finance their own facilities, given the current low interest rate environment.
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