- Triples Manhattan's
capacity to generate solar power
- Panels offset approximately 63,000 tons of carbon dioxide
emissions, comparable to removing 12,000 cars from the
road
- Part of broader initiative to make progress in
sustainability efforts across Blackstone's portfolio
NEW YORK, Nov. 8, 2017 /CNW Telbec/ - Blackstone
(NYSE: BX), through funds it manages on behalf of its real estate
investors, and Ivanhoé Cambridge,
a real estate subsidiary of Caisse de dépôt et placement du Québec
(CDPQ), today announced plans to implement the largest private
multi-family residential rooftop solar project in the United States. The project will be run by
StuyTown Property Services (SPS), the property management company
of Stuyvesant Town and Peter Cooper Village.
This 3.8 Megawatt (DC) solar energy system will span across the
property's 22 acres of rooftops. Once completed, StuyTown will have
tripled Manhattan's capacity to
generate solar power. NYC-based renewable energy developer Onyx
Renewable Partners is project developer for the installation, which
is expected to begin this winter and reach completion in 2019.
The installation will consist of 9,671 high efficiency solar
panels and will generate enough energy to power over 1,000
New York City apartments annually.
The project is expected to offset approximately 63,000 tons of
carbon dioxide emissions, comparable to removing 12,000 cars from
the road for a year.
"We are incredibly proud of the long-term partnership we are
building with the StuyTown community," said Nadeem Meghji, Head of Real Estate Americas at
Blackstone. "In 2015 we made a commitment to preserve StuyTown's
unique heritage and be responsible stewards of its future. This
innovative solar project is one of many initiatives we designed and
implemented to make the community more sustainable and
environmentally friendly."
StuyTown is the first multifamily building in NYC to have
received an ENERGY STAR certification, which it has won three years
in a row for its sophisticated energy management technologies.
Other sustainable initiatives at the property have included the
installation of LED lighting, high efficiency hot water heat
exchangers, elevator shaft louvers to minimize heat loss and
domestic water flow control valves, as well as incorporating the
use of a centralized building management system to control steam
heating distribution and manage all of its sustainable initiatives.
The community has been particularly active and enthusiastic in
supporting StuyTown's compost waste pickup, averaging just over
10,000 pounds of organic material collected weekly – representing
17 percent of all residential compost waste collected in
Manhattan. StuyTown has already
reduced on-site greenhouse gas emissions by 10 percent since 2007,
and has now expanded into the solar sphere as part of its larger
commitment to environmental sustainability.
"Working to make communities more sustainable underpins many of
our business decisions. We are especially proud of this initiative
and congratulate our partners Blackstone and the team at SPS.
Stuyvesant Town Peter Cooper Village is a very special place
and continues to be a leader in New York
City", said Daniel Fournier,
Chairman and CEO, Ivanhoé Cambridge.
StuyTown is the largest rental apartment complex in the U.S.,
with 11,200+ multifamily units in 56 buildings across 80 acres in
Manhattan's East Village. It
houses more than 27,000 New Yorkers and represents 1.7 percent of
Manhattan's population.
"When we acquired StuyTown in late 2015, we made sure to solicit
feedback from the residents. We quickly learned of the strong
connection with the community's green space and the residents'
commitment to the environment," said Rick
Hayduk, CEO of StuyTown Property Services. "This solar
project is yet another initiative executed by StuyTown's ownership
to reduce overall GHG emissions for the betterment of our
city."
To learn more about this project, visit:
https://www.stuytown.com/solar
About Blackstone
Blackstone is one of the world's
leading investment firms. We seek to create positive economic
impact and long-term value for our investors, the companies we
invest in, and the communities in which we work. We do this by
using extraordinary people and flexible capital to help companies
solve problems. Our asset management businesses, with over
$385 billion in assets under
management, include investment vehicles focused on private equity,
real estate, public debt and equity, non-investment grade credit,
real assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
About Ivanhoé Cambridge
Ivanhoé Cambridge, a global real estate industry
leader, invests in high-quality properties and real estate
companies in select cities around the world. It does so prudently,
with a long-term view to generate optimal, risk-adjusted returns.
Founded in Quebec in 1953, Ivanhoé
Cambridge has built a vertically
integrated business across Canada.
Internationally, the Company invests alongside key partners and
major real estate funds that are leaders in their respective
markets. Through subsidiaries and partnerships, Ivanhoé
Cambridge holds interests in
nearly 800 buildings, primarily in the residential, office, retail
and logistics real estate sectors. Ivanhoé Cambridge held approximately C$56 billion in assets as at December 31, 2016. The Company is a real estate
subsidiary of the Caisse de dépôt et placement du Québec
(cdpq.com), one of Canada's
leading institutional fund managers. For more information:
ivanhoecambridge.com.
SOURCE Ivanhoé Cambridge