STAG Industrial, Inc. issued the following announcement on Nov. 12.
STAG Industrial, Inc. (the "Company") (NYSE: STAG) 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.
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