STAG Industrial Announces Its First Bay State Solar Systems

Rhea-AI Summary

STAG Industrial (NYSE:STAG) has commenced construction on five new solar rooftop systems in Massachusetts and New Jersey, totaling an aggregate capacity of 8.5 MW. These projects are expected to generate over 10 million kWh of electricity annually, equating to powering nearly 1,000 homes. The Massachusetts projects align with the state's SMART Program, promoting the development of distributed solar resources. By expanding its solar portfolio to over 10 MW nationally, STAG demonstrates its commitment to sustainability and community resources.

Positive

• Commenced construction on five solar rooftop systems with a total capacity of 8.5 MW.
• Expected to generate over 10 million kWh of electricity annually, benefiting local communities.
• Participation in Massachusetts SMART Program promotes sustainable energy development.

Negative

• None.

BOSTON, June 16, 2020 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) today announced the groundbreaking of four new solar rooftop systems in Massachusetts and one in New Jersey.  The projects will deliver energy to the local electrical grid, ultimately powering homes and businesses.  Black Bear Energy facilitated the project in partnership with STAG.  These systems have an aggregate capacity of 8.5MW, which will generate over 10 million kWh of electricity annually - the equivalent to powering nearly 1,000 homes with solar.  With the addition of these sites, STAG now hosts over 10 MW of solar nationally.  The MA projects are being developed by Nautilus Solar Energy, LLC as part of the Solar Massachusetts Renewable Program (SMART) - a program to cost-effectively bring new distributed solar resources in the state. 

"We are headquartered in Boston and have been excited about hosting solar in our home state since the announcement of the Massachusetts SMART Program years ago.  The SMART program enabled us to leverage our square footage and to provide resources for the local community, helping us to demonstrate our commitments to sustainability with local concrete action," said Brian LaMont, Senior Vice President of Construction at STAG.

Construction on all of the MA and NJ solar sites commenced in early Spring and all of the solar systems are expected to be online by the fourth quarter of 2020 or earlier. STAG is actively pursuing solar opportunities nationwide, with executed contracts across several states in development.

"We are honored to be working with STAG on these projects.  Hosting solar on industrial buildings challenges the mindset that these assets are solely hubs for distributing goods.  It showcases the opportunity to deliver local, clean energy to surrounding communities while creating value for the landlord.  That's the beauty of onsite solar," commented Drew Torbin, Black Bear Energy's Chief Executive Officer.  "It's exciting to have commenced construction as these sites are expected to be some of the first MA SMART rooftop solar projects qualified for community solar to come online," added Jeffrey Cheng, President of Nautilus Solar Energy.

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 March 31, 2020, the Company's portfolio consists of 456 buildings in 38 states with approximately 91.8 million rentable square feet.

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

About Nautilus Solar Energy

Nautilus Solar Energy, LLC ("Nautilus") is a leading owner-operator of distributed generation and community solar projects located throughout North America. Over its 14-year history, the Nautilus team has successfully developed, acquired, managed, and invested over $1.2 billion of capital into solar projects. Nautilus is wholly owned by Power Energy Corporation, a subsidiary of Power Corporation of Canada (TSX:POW), a global diversified management and holding company. Join Nautilus on LinkedIn, Facebook and Twitter and/or visit www.nautilussolar.com for more information.  

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 2 discussed in the Company's annual report on Form 10-K for the year ended December 31, 2019 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.

 

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SOURCE STAG Industrial, Inc.

FAQ

What is the capacity of the new solar systems announced by STAG?

The new solar systems have an aggregate capacity of 8.5 MW.

When are the STAG solar projects expected to be operational?

All solar systems are expected to be online by the fourth quarter of 2020 or earlier.

How much electricity will the new solar systems generate annually?

The systems are expected to generate over 10 million kWh of electricity annually.

Where are the new solar rooftop systems located?

The systems are located in Massachusetts and New Jersey.

What program is STAG participating in with their solar projects?

STAG is participating in the Massachusetts SMART Program.