BentallGreenOak has agreed its first community rooftop solar power project in the US and plans to consider similar projects for its national industrial portfolio.
The global real estate investment management adviser said, on behalf of an institutional investor, it plans to install two solar projects in Maryland totalling 2.7MW financed by Summit Ridge Energy.
The project, facilitated by Black Bear Energy, will be hosted on two of BentallGreenOak鈥檚 industrial assets.
The project, once operational in the first quarter of 2022, will participate in Maryland鈥檚 community solar program to provide renewable power to local residents and businesses.
Mark Reinikka, managing director of US Asset Management at BentallGreenOak, said: 鈥淚t is inherent in our investment philosophy to explore innovative and meaningful ways to create connection points between our assets and the communities that surround them, in order to produce economic, environmental and social benefits.
鈥淚n partnership with Black Bear Energy and Summit Ridge Energy, we are demonstrating that industrial assets can also achieve these goals by utilizing valuable rooftop square footage to reliably deliver clean energy back to the local grid.鈥�
BentallGreenOak said it is evaluating similar community solar hosting opportunities for its US industrial portfolio.
Nate Greenberg, Summit Ridge Energy鈥檚 VP of business development, said: 鈥淪ummit Ridge Energy continues to be the nationwide leader in financing community solar projects and is thrilled to partner with BGO and Black Bear Energy to build another project in Maryland.鈥�
Drew Torbin, Black Bear Energy鈥檚 CEO, said: 鈥淚t is exciting to work with clients like BGO that take advantage of community solar opportunities to create value not just for themselves but for the greater community.
鈥淲e are proud to support our client鈥檚 efforts in increasing renewable energy generation and providing low-cost renewable power to the wider community.鈥�
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