Public Storage Inc., a self-storage real estate investment trust and management company, partnered with New Energy Equity (NEE), a national developer and financier of community and commercial solar installations, to complete rooftop-solar projects on 14 facilities in Minnesota. This initiative is part of the REIT's commitment to install solar on more than 1,300 self-storage properties by 2025, according to a press release.
The 14 new rooftop installations represent a combined capacity of 2.28 megawatts (MW) and are expected to generate approximately 2,750 MW hours of electricity annually, enough to power 379 homes for one year. The facility in Como St. Paul includes a .35 MW solar array, the second largest across the self-storage operator’s national portfolio, the release stated.
“We’re excited to see these solar projects come to fruition,” said Gareth Thomas, vice president of asset management for Public Storage. “As we continued to look for opportunities to expand our solar fleet, New Energy Equity demonstrated [that] we could deploy solar on enough Minnesota sites to make a meaningful contribution to meeting our solar installation goals."
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“We’re thrilled to have partnered with Public Storage on these important projects,” said Nick Kerwin, senior vice president of NEE’s commercial and industrial division. “Our team worked diligently to ensure that each installation was completed within the expected timeline while maintaining the high-quality results that our customers know our team delivers. These solar projects will not only contribute to a cleaner grid but also provide long-term economic benefits to Public Storage.”
Based in Glendale, California, Public Storage has interests in 3,045 self-storage facilities in 40 states, with approximately 218 million net rentable square feet. It holds a 35% interest in Shurgard Self Storage Ltd., which has 279 facilities in seven European countries, with approximately 15 million net rentable square feet.
Annapolis, Maryland-based NEE, a subsidiary of clean-energy company Allete, develops, finances, manages and operates solar-power-generation assets, providing clean electricity to commercial, industrial, municipal and utility customers. The company has developed more than 500 MW of solar and closed more than $1.2 billion in clean-energy investments.
Source: PR Newswire, New Energy Equity Completes Development of 14 Public Storage Projects in Minnesota
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