Energy-Producing Retail Realty, Inc. (‘EPR2‘), an investor in and developer of EPR/energy rights and a member of the REACH Commercial Class of 2020, has 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.
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% of each property’s annual electricity demand, and offer long-term community and environmental benefits in the form of renewable energy credits (RECs), 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.”
EPR2 invested and developed these projects with their partners Ultra Capital (‘Ultra’), a sustainable infrastructure investor focused on small-to-medium scale projects, and Borrego Solar (‘Borrego’), a leading developer, designer, installer, and operator of commercial solar and energy storage systems.
With these projects, Basin Street optimizes their existing real estate by generating solar power on-site for 3rd parties. 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”
About Energy-Producing Retail Realty, Inc.
EPR2 is a new leader in distributed energy solutions that align the interests of commercial property owners, tenants, and lenders. The company owns and operates solar and other energy producing solutions on behalf of building owners and tenants. EPR2‘s clients receive the benefits of discounted energy generated on-site without the obligations of ownership, allowing them to focus on their core businesses.
REACH is a unique global real estate technology accelerator created by Second Century Ventures, a strategic technology investment fund backed by the National Association of Realtors®