STAG Industrial Announces New Solar Systems In Illinois And Massachusetts
STAG Industrial has commenced its first solar installation in Illinois and fifth in Massachusetts, contributing to community solar programs. Developed in partnership with Black Bear Energy and Green Street Power Partners, the projects will provide low-cost renewable energy with a total capacity of 3.5 MW, generating over 4.4 million kWh annually—enough to power 361 homes. With these additions, STAG’s solar capacity now totals over 13.5 MW nationwide. The systems are expected to begin operations in Q4 2020.
- Initiation of first onsite solar project in Illinois, expanding renewable energy footprint.
- Aggregate capacity of 3.5 MW generating over 4.4 million kWh annually.
- Partnership with Black Bear Energy and Green Street Power Partners enhances community engagement.
- None.
BOSTON, Nov. 12, 2020 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE: STAG) today announced the groundbreaking of its first onsite solar installation in Illinois, and its fifth solar installation in Massachusetts. The projects are part of community solar programs and will provide low-cost renewable energy to local homes and businesses. Facilitated by Black Bear Energy in partnership with STAG, and developed by Green Street Power Partners ("GSPP"), these systems have an aggregate capacity of 3.5 MW and will generate over 4.4 million kWh of electricity annually - the equivalent of powering nearly 361 homes with solar. With the addition of these sites, STAG now hosts over 13.5 MW of solar nationally.
"We have a large presence in Illinois, and the passing of the Future Energy Jobs Act of 2017 gave us an opportunity to incorporate solar into another asset's roof. We are honored to be one of the first rooftop community solar projects in Illinois, and to be a part of Illinois' transition to a clean energy economy, enabling job creation and new clean energy resources." said Brian LaMont, Senior Vice President of Construction at STAG.
Construction on the assets commenced in July and the systems are expected to come online as early as the fourth quarter of 2020.
"The Illinois Community solar market and the Massachusetts SMART Program provide fantastic opportunities to install solar on industrial rooftops. Community solar programs allow projects to be built on large roofs in areas with high demand for electricity and are a great solution for utility customers who may prefer solar electricity but are unable to host it on their own homes and buildings. It is a win for commercial real estate owners, the local utility and its customers," commented Drew Torbin, Black Bear Energy's Chief Executive Officer.
"Illinois' goal of 4,300 MW by 2030 has led to a rapid expansion of its solar presence across the state. Our team at GSPP is excited to contribute to this solar energy growth with our first project in the state of Illinois, made possible through our partnership with STAG Industrial and Black Bear Energy. We look forward to increasing renewable energy access across the state with this rooftop community solar project, and hopefully more to come" commented Scott Kerner, Green Street'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, 2020, the Company's portfolio consists of 462 buildings in 38 states with approximately 92.3 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
About Green Street Power Partners
Headquartered in Stamford, CT, Green Street Power Partners (GSPP) is a national developer, financier, owner, and operator of solar energy systems benefiting businesses and communities across the country. GSPP specializes in structured finance for solar assets, securing sponsor and tax equity alongside project-level debt financing to realize the highest value for its clients.
GSPP's proven dependability, experience within the industry, and established portfolio of over 90 MW, underpin its success as one of the leading solar developers and owners in the country.
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, 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.
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