BOSTON, Dec. 18,
2023 /PRNewswire/ -- STAG Industrial, Inc.
(NYSE:STAG) today announced the completion of three NJ community
solar projects hosted on its rooftops. The 2.7 megawatts (MW) of
installed capacity are part of New
Jersey's community solar program that provides low-cost
renewable energy to local residents. The projects were built in the
second year of the New Jersey Community Solar Pilot Program, and at
least 50% of the offtake will go to low- and moderate-income
residents who will receive a discount on their
electricity. Developed by Dimension Energy and facilitated by Black
Bear Energy, the systems will generate over 3.4 million
kilowatt-hours of electricity annually - the equivalent of powering
the electric use of nearly 500 homes.
"We continue to leverage our portfolio by hosting solar wherever
possible, and the New Jersey
market provides a fantastic opportunity for us to do just that. In
this case, it's the first time we've built solar under a program
that requires greater than 50% of the offtake go to qualified low-
and moderate-income homes. It's encouraging to know the local grid
is greener, and local residents are achieving much needed savings
on their electric bills, thanks in part to the renewable energy
generated by the solar systems on our roofs," said Brian LaMont, Senior Vice President, Head of
Development & ESG.
"We are thrilled that all three of STAG's latest submissions to
the New Jersey Community solar
program were awarded and are now energized. The New Jersey Community solar program is one of
the best in the country when it comes to prioritizing rooftops and
brownfields, and ensuring low and moderate income off-takers
benefit from the program. It takes great partners to get through
the many hurdles necessary to ultimately energize these projects,
and we are honored to have partnered with STAG and Dimension in
bringing new local renewable energy online," said Drew Torbin,
Black Bear's President.
"We are proud to energize three facilities with STAG as part of
Dimension's leading New Jersey
community solar portfolio," said Bryan
Bentrott, Vice President/Origination, Dimension Renewable
Energy. "STAG and Black Bear share Dimension's commitment to
responsible, community-driven development. We value their
partnership as we bring solar energy access to all New Jersey residents and work to train the
next generation of solar professionals through our workforce
development initiatives."
With the addition of these sites, STAG now hosts over 30 MW of
solar nationally. The projects are hosted on 16 different
properties in Massachusetts,
Illinois, Maryland, Minnesota, New
Jersey, and Connecticut
with the majority being community solar projects, in which local
residents and businesses benefit from lower electricity bills.
STAG's notable projects include the largest rooftop community
solar in the country on its Hampstead, MD property (9.18 MW), and the
first Connecticut rooftop
community solar project. These achievements have earned STAG a
place on Black Bear Energy's Top 5 Real Estate Solar
Leaderboards "Industrial" Category. STAG continues to expand
its solar program and has additional roofs under contract and in
the development phase.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused
on the acquisition, ownership, and operation of industrial
properties throughout the United
States. As of September 30,
2023, the Company's portfolio consists of 568 buildings in
41 states with approximately 112.0 million rentable square
feet.
For additional information, please visit the Company's website
at www.stagindustrial.com.
About Black Bear Energy
Black Bear Energy, a Legence Company, is a technology-enabled,
commercial buyer's representative specializing in onsite renewable
energy and cleantech services. In the past five years, Black Bear
has helped its clients bid out over 1,000 clean technology projects
in more than 20 states through its data driven process. For more
information about Black Bear Energy, visit BlackBearEnergy.com.
For press inquiries, contact
info@blackbearenergy.com.
About Dimension Renewable Energy
Dimension Renewable Energy is a leading developer, owner, and
operator of turn-key community solar solutions, having deployed
more than 250 megawatts and $400
million into clean energy assets since its founding in 2018.
Dimension plans to invest an additional $2.5
billion over the next 5 years, with more than 2.2 gigawatts
of projects currently under development across 11 states.
Dimension fosters long-term partnerships with each community it
serves, investing in local green job creation through workforce
training programs and STEM education. For additional information
about Dimension, please visit www.dimension-energy.com.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements, which are based on certain
assumptions and describe the Company's future plans, strategies and
expectations, are generally identifiable by use of the words
"believe," "will," "expect," "intend," "anticipate," "estimate,"
"should," "project" or similar expressions. You should not rely on
forward-looking statements since they involve known and unknown
risks, uncertainties and other factors that are, in some cases,
beyond the Company's control and which could materially affect
actual results, performances or achievements. Factors that may
cause actual results to differ materially from current expectations
include, but are not limited to, the risk factors discussed in the
Company's annual report on Form 10-K for the year ended
December 31, 2022, as updated by the
Company's quarterly reports on Form 10-Q. Accordingly, there is no
assurance that the Company's expectations will be realized. Except
as otherwise required by the federal securities laws, the Company
disclaims any obligation or undertaking to publicly release any
updates or revisions to any forward-looking statement contained
herein (or elsewhere) to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions, or circumstances on which any such statement is
based.
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SOURCE STAG Industrial, Inc.