MetLife Investment Management (MIM) has signed an agreement with DSD Renewables to install a 2.2-MW/510 kWh solar + storage project at Intersect, a campus-style office property in Irvine, California. The four-building rooftop and car canopy solar project will generate more than 3.5 million kWh of clean energy annually, producing approximately 74% of Intersect’s required energy onsite. The battery system can store excess electricity generated and support the grid by reducing peak demand.
“We recognize the role buildings and responsible real estate investing can play in improving workplaces and communities while positively impacting the environment,” said Jim Landau, head of environmental, social & governance, Real Estate and griculture, MIM. “The Intersect solar project advances our commitment to supporting and financing solutions that drive progress toward a low-carbon economy, manage risk and create sustainable investment returns.”
Property owners expect the new solar project to be the largest of its kind for an office campus in Orange County.
“Installing solar on properties where it makes financial sense, fits perfectly with PGGM’s focus on sustainable investment initiatives,” said Eugene Phillips, investment manager from PGGM’s Private Real Estate department. “A low carbon building, with resulting tenant benefits, will attract tenants and make the office campus futureproof – and is also a building block in making our real estate portfolio more impactful.”
News item from DSD Renewables