STAG Industrial Announces Completion Of Largest Rooftop Community Solar Project In The Country

Rhea-AI Summary

On Dec. 1, 2021, STAG Industrial announced the completion of the nation's largest rooftop community solar project at its Hampstead, MD facility. The system, with a capacity of 9.2 MW, is part of Maryland's community solar initiative and will generate over 15 million kWh annually, enough to power nearly 1,500 homes. Co-developed by Summit Ridge Energy and Black Bear Energy, this project contributes to STAG's total of over 25.5 MW of hosted solar capacity across the U.S. The initiative aims to provide low-cost renewable energy to local communities.

Positive

• Completion of the largest rooftop community solar project in the U.S.
• 9.2 MW system expected to generate over 15 million kWh annually.
• Part of Maryland's community solar program, enhancing local renewable energy supply.
• STAG now hosts a total of over 25.5 MW of solar capacity nationwide.

Negative

• None.

BOSTON, Dec. 1, 2021 /PRNewswire/ -- STAG Industrial, Inc. (NYSE: STAG) today announced the completion of the nation's largest rooftop community solar project hosted on its facility in Hampstead, MD. The 9.2 MW system is one of three hosted on STAG properties across the state and are part of Maryland's community solar program that provides low-cost renewable energy to local homes and businesses. Co-developed by Summit Ridge Energy and Black Bear Energy, the systems have an aggregate capacity of 11.6 MW and will generate over 15 million kWh of electricity annually - the equivalent of powering nearly 1,500 homes. With the addition of these sites, STAG now hosts over 25.5 MW of solar nationally.  

"We continue to leverage our portfolio by hosting solar wherever possible, and the Maryland market provided an opportunity for us to do just that. In this case, our Hampstead facility with a large, brand new roof was an ideal fit.  It's encouraging to know the local grid is greener thanks in part to the renewable energy generated by the solar system on our roof." said Brian LaMont, Senior Vice President of Construction at STAG. 

"This is a marquee project for Summit Ridge and the entire community solar industry," said Summit Ridge CEO Steve Raeder. "Leveraging 23 acres of largely unused roof space to generate energy savings for thousands of Marylanders is precisely the direction our nation's energy generation strategy needs to head." 

"We are proud to stand here today on the roof of STAG's building, looking out over a sea of solar panels glistening on the horizon. It is invigorating to watch our clients take action and create value for themselves and the greater community. Seeing a system of this magnitude energized is incredibly fulfilling and is a testament to everyone's hard work." commented Drew Torbin, Black Bear Energy's Chief Executive Officer.

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of single-tenant, industrial properties throughout the United States. As of September 30, 2021, the Company's portfolio consists of 517 buildings in 40 states with approximately 103.4 million rentable square feet.

For additional information, please visit the Company's website at www.stagindustrial.com.

About Summit Ridge Energy

Summit Ridge Energy is the country's leading owner-operator of community solar assets. Through dedicated funding platforms, the team acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com.

About Black Bear Energy 

Black Bear Energy is a technology-enabled, commercial buyer's representative specializing in onsite renewable energy and cleantech services.  In the past five years, Black Bear has helped its clients bid out over 1,000 clean technology projects in more than 20 states through its data driven process.  For more information about Black Bear Energy, visit BlackBearEnergy.com. For press inquiries, contact info@blackbearenergy.com.

Forward-Looking Statements

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's annual report on Form 10-K for the year ended December 31, 2020 as updated by the Company's quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

View original content to download multimedia:https://www.prnewswire.com/news-releases/stag-industrial-announces-completion-of-largest-rooftop-community-solar-project-in-the-country-301435633.html

SOURCE STAG Industrial, Inc.

FAQ

What is the largest rooftop community solar project announced by STAG?

STAG announced the completion of a 9.2 MW rooftop community solar project in Hampstead, MD.

How much electricity will STAG's new solar project generate?

The new solar project is expected to generate over 15 million kWh annually.

What is the significance of the solar project for STAG Industrial?

The project enhances STAG's renewable energy capacity and supports local energy savings for Maryland residents.

Who co-developed the solar project with STAG Industrial?

The project was co-developed by Summit Ridge Energy and Black Bear Energy.

When was the solar project completed?

The solar project was completed and announced on December 1, 2021.