EPR2 invested and developed these projects with their partners Ultra Capital, a sustainable infrastructure investor focused on small-to-medium scale projects, and Borrego Solar, a leading developer, designer, installer, and operator of commercial solar and energy storage systems.
FREMONT, CA: Energy-Producing Retail Realty (EPR2), an investor in and developer of EPR/energy rights and a member of the REACH Commercial Class of 2020, announced the completion of its EPR-Solar Pilot Program with Basin Street Properties (BSP), a leader in commercial real estate in Northern California and Nevada.
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The Pilot Program comprises three solar projects covering over 150,000 square feet of roof space and parking lots across three of BSP's Northern California office properties, located in Petaluma, Santa Rosa, and Sacramento. The solar projects total 1.44 MW, generate 50-75 percent of each property's annual electricity demand, and offer the long-term community and environmental benefits in the form of renewable energy credits, most of which have already been sold. This also eliminates an estimated nine hundred tons of carbon emissions.
"We are excited to be a part of the EPR2 Solar Pilot Program," said Blake Riva, President of BSP. "The program aligns with our efforts to make all of our buildings more sustainable and it addresses our tenants' desire to work in healthy, sustainable, and environmentally friendly office spaces and in buildings that also generate renewable, solar electricity on-site."
Basin Street optimizes its existing real estate by generating solar power on-site for 3rd parties with these projects. EPR2, in turn, works with institutional investors, such as Ultra, to invest in and develop existing property rights to allow commercial property owners and tenants to obtain the benefits of energy generated on-site without taking on the associated costs and risks.
"We're excited to complete this pilot program with Basin Street. They are a great owner and developer that truly focuses on their tenants and properties," said Chris Pawlik, CEO of EPR2. "Like them, we believe in long-term investment, development, and operations. We also believe that 'doing well' and 'doing good' are not mutually exclusive. The fact is, CRE owners, along with the CRE industry, hold the keys to positively impacting the economy and environment, locally and globally."
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