New Energy Equity completes development of 14 Public Storage projects in Minnesota
New Energy Equity has successfully completed 14 Public Storage solar projects across Minnesota, marking a significant step in Public Storage's commitment to install solar on over 1,300 properties by 2025. The projects represent a combined installed capacity of 2.28 MW, including a 0.35MW solar array at the Como St. Paul facility, which is the second largest rooftop solar array in Public Storage's national solar portfolio.
These 14 rooftop projects are expected to generate approximately 2,750 MWh of electricity annually, equivalent to powering 379 homes for one year. The successful completion demonstrates New Energy Equity's dedication to delivering high-quality renewable energy solutions to commercial and industrial clients, contributing to a cleaner grid and providing long-term economic benefits to Public Storage.
- Completion of 14 solar projects with 2.28 MW combined installed capacity
- Expected annual electricity generation of 2,750 MWh
- Contribution to Public Storage's goal of installing solar on 1,300 properties by 2025
- Long-term economic benefits for Public Storage
- None.
Insights
The completion of 14 solar projects for Public Storage in Minnesota represents a significant step in the company's sustainability efforts. With a combined capacity of 2.28 MW, these installations are expected to generate 2,750 MWh annually, equivalent to powering 379 homes for a year. This development aligns with Public Storage's ambitious goal of installing solar on over 1,300 properties by 2025.
From an investor perspective, this initiative demonstrates Public Storage's commitment to reducing operational costs and enhancing its ESG profile. The long-term economic benefits mentioned suggest potential for reduced energy expenses and improved property values. However, the immediate financial impact on Public Storage's bottom line is likely minimal given the company's large scale of operations.
For New Energy Equity, this project showcases their capability in delivering commercial solar solutions, potentially positioning them for future growth in the expanding C&I solar market. The successful completion within the expected timeline is a positive indicator of their project management skills, which could lead to more contracts and partnerships in the future.
Public Storage's solar initiative is a prime example of the growing trend of corporations integrating renewable energy into their operations. The scale of their commitment - over 1,300 properties by 2025 - is particularly noteworthy and positions them as a leader in sustainability within the self-storage sector.
This move likely enhances Public Storage's appeal to environmentally conscious customers and investors, potentially improving brand perception and attracting ESG-focused capital. The distributed nature of these solar installations across multiple properties also contributes to grid resilience and local energy independence.
However, investors should consider the capital expenditure required for such a large-scale solar rollout and its impact on short-term financials. The long-term benefits, including reduced operating costs and potential RECs (Renewable Energy Certificates) revenue, should be weighed against the initial investment. Overall, this initiative positions Public Storage well in an increasingly sustainability-driven market landscape.
"We are thrilled to have partnered with Public Storage on these important projects," said Nick Kerwin, Senior Vice President at New Energy Equity's Commercial and Industrial division. "Our team worked diligently to ensure that each installation was completed within the expected timeline, while maintaining the high-quality results that our customers know our team delivers. These solar projects will not only contribute to a cleaner grid but also provide long-term economic benefits to Public Storage."
The 14 projects represent a combined installed capacity of 2.28 MW and include a 0.35MW solar array in commercial operation on Public Storage's Como St. Paul facility. The Como St. Paul solar array is the second largest rooftop solar array generating power across Public Storage's national solar portfolio.
The 14 rooftop projects are expected to generate approximately 2,750 MWh of electricity annually, the equivalent of powering 379 homes for one year.
"We are excited to see these solar projects come to fruition," said Gareth Thomas, VP Asset Management at Public Storage. "As we continued to look for opportunities to expand our solar fleet, New Energy Equity demonstrated we could deploy solar on enough
The successful completion of these projects underscores New Energy Equity's dedication to delivering high-quality renewable energy solutions to its commercial and industrial clients across the country. By harnessing their expertise and innovative strategies, New Energy Equity remains a crucial driver in the transition to a sustainable energy future.
"We are proud of our team's efforts in making these projects a reality," said Megan Shake, Project Manager at New Energy Equity. "Our work with Public Storage demonstrates the positive impact that renewable energy can have on both businesses and the environment. We look forward to continuing our mission of providing clean energy solutions to our clients."
New Energy Equity is thrilled to contribute to Public Storage's best-in-class sustainability initiatives and looks forward to helping more companies successfully implement solar energy as a sustainable, profitable, and scalable solution for their operations. For more information about New Energy Equity and their renewable energy projects, please visit www.newenergyequity.com.
About New Energy Equity
New Energy Equity LLC, a wholly owned subsidiary of ALLETE (NYSE: ALE), develops, finances, operates, and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 500 megawatts of solar projects and closed more than
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2024, they had: (i) interests in 3,049 self-storage facilities located in 40 states with approximately 219 million net rentable square feet in
Contact: | Bridget Petersen |
Marketing Manager | |
New Energy Equity | |
801-866-3687 | |
bpetersen@newenergyequity.com |
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SOURCE New Energy Equity
FAQ
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