Greenskies announced the completion of a 575-kW roof mount solar system at Belvedere Place, a prominent Class A office complex in Mill Valley, California, located just north of the Golden Gate Bridge.
With over 1,000 solar panels installed, the system is expected to meet 95% of the 105,000-square-foot buildings’ electricity demand, with tenants benefiting from a 10% electricity rate discount. Current occupants of the two three-story buildings include Merrill Lynch, UBS, WeWork, Redwood Trust and several private wealth management firms.
GTIS Partners, a global real estate investment firm based in New York City, and Graham Street Realty, a San Francisco-based commercial real estate owner-operator, acquired Belvedere Place in August 2019. Both sustainability-in-development champions, the joint property owners were motivated to offer tenants access to green power at a discount and contribute to reducing greenhouse gas emissions in a meaningful way. That goal was achieved through partnerships with SolarKal, a commercial solar advisory and procurement firm, and Greenskies Clean Focus, a national leader in renewable energy solutions.
“We are thrilled to celebrate the completion of this important solar energy project,” said Peter Ciganik, partner and head of capital markets at GTIS Partners. “Sustainability and environmental stewardship are deeply integrated into our business model, and we are proud to have been recently named a Gold Level Green Lease Leader by the U.S. Department of Energy Better Buildings Alliance.”
SolarKal analyzed GTIS Partners’ nationwide portfolio, assessed utility bills, designed preliminary photovoltaic systems and modeled returns, ultimately choosing Belvedere Place as a top property for solar development. SolarKal’s proprietary procurement process identified Greenskies Clean Focus as the preferred provider given the firm’s strong local area expertise.
“This shining California success story demonstrates that there are creative structures like this hybrid PPA roof lease that are a great alternative to community solar, which is still under policy development in California,” said Neil Sharma, co-founder and chief commercial officer of SolarKal. “All parties involved showed a strong commitment to success.”
Greenskies is the project’s developer, financier, owner and long-term operator under a 25-year PPA. Greenskies will also provide ongoing operation and maintenance to the site.
News item from GTIS Partners
