GID, a vertically-integrated real estate developer, investor and operator, and Greenskies Clean Focus, a national leader in renewable energy solutions, today (Aug 6) announced the completion of a commercial solar system at Pavona Apartments by Windsor in downtown San Jose, CA.
The 320-module, 130 kW rooftop solar system is expected to generate over 180,000 kWh of clean energy annually, the equivalent of powering 25 homes or avoiding over 125 tons of CO2 emitted per year. (Source: US EPA Greenhouse Gas Calculator)
"At GID we continue to value opportunities that support both our fiduciary responsibility and uphold our long-term environmental sustainability commitments" said Phil Carmody SVP, Head of ESG at GID. "We're thrilled to have partnered with Greenskies to increase our renewable energy production and are looking forward to measuring the impact going forward."
Greenskies developed and financed the project for GID with no upfront cost through a 25-year Power Purchase Agreement (PPA). As the long-term owner and operator of the system, Greenskies will provide ongoing maintenance, ensuring the sustainability and efficiency of the solar system for years to come.
"It's been a pleasure working with GID to see this project through," said Stanley Chin, President and CEO of Greenskies. "Distributed generation solar provides a great opportunity for commercial property owners to realize additional value from their existing portfolio through significant energy cost savings and reduced carbon emissions."
GID has long been a champion of sustainability, incorporating Environmental, Social, and Governance (ESG) principles and leveraging its investment, development, and management experience to enhance the communities where they invest, live, and operate.
Installing on-site solar at this property helps mitigate ongoing energy challenges in California, from systemic power shortages to rapidly increasing energy prices, by increasing resiliency and delivering reliable, low-cost, clean, renewable energy.
About Greenskies Clean Focus
Greenskies Clean Focus offers a full suite of decarbonization solutions, including onsite and offsite solar, battery storage, microgrids, and CCHP. Our vertical integration delivers the most cost-competitive solutions for commercial, public sector, and utility energy users throughout the US. From beginning to end, our customers work with a single delivery team. Greenskies originates, develops, constructs, and operates, while Clean Focus finances and owns the systems. Since our founding in 2009, we have developed and constructed over 320 MW of renewable energy facilities across 605 sites in 19 states. Solar Power World ranks Greenskies Clean Focus as the number one commercial solar developer in the Northeast and top three in the US, based on cumulative kW installed.
For more information about Greenskies Clean Focus and its decarbonization solutions, please visit greenskies.com.
About GID
GID is a privately-held, vertically-integrated real estate company that owns, operates, and/or manages a portfolio of multifamily and industrial assets, and develops mixed-use projects across the United States. The firm also operates a credit platform that aims to provide commercial real estate debt solutions for institutional borrowers. With corporate offices in Atlanta, Boston, Dallas, Dubai, New York and San Francisco, GID is an experienced real estate investor and manager supported by an integrated operating platform and has 60+ years of experience across multiple asset classes. As of March 31, 2024, GID owns and/or manages $29.0 billion of assets under management across 55,000 apartment units and 26 million square feet of industrial and commercial space[1].
[1]Assets Under Management is calculated in compliance with the definition for Assets Under Management ("AUM") prescribed in INREV's Global Definitions Database. GID's AUM includes capital for which GID provides oversight and investment management services in the funds as well as proprietary accounts, joint ventures, and accounts for which GID provides asset management services without an equity investment ("Other GID Accounts"). Other GID Accounts are not categorized as funds and are not included in regulatory assets under management or reported in dollars in custody and are not considered "clients" on GID's ADV Part 1. As of December 31, 2023, the firm's regulatory assets under management totaled $3.8b and include 10,312 multifamily units, 1.4M industrial square feet, and 106 supervised employees.
Contact:
Domonique Bedbury
Marketing Manager, Greenskies Clean Focus
(401) 481-2244
dom.bedbury@greenskies.com
