A newly installed 575-kW rooftop solar system is now operational at Belvedere Place, a Class A office complex in Mill Valley, CA. This marks a significant step towards a more sustainable future for the property.
System Capacity and Benefits
With over 1,000 solar panels, the system is expected to provide 95% of the electricity needs for the 105,000-square-foot complex.
Tenants, including prominent companies like Merrill Lynch, UBS, WeWork, and Redwood Trust, will benefit from a 10% discount on their electricity rates.
Partnership for Sustainability
GTIS Partners, a global real estate investment firm, and Graham Street Realty, a San Francisco-based commercial real estate company, acquired Belvedere Place in 2019.
Both companies are committed to sustainability and partnered with SolarKal, a commercial solar advisory firm, and Greenskies Clean Focus, a national leader in renewable energy solutions, to achieve their green energy goals.
Environmental Stewardship
Peter Ciganik, Partner and Head of Capital Markets at GTIS Partners, expressed pride in the completion of the project, emphasizing the firm’s commitment to sustainability and environmental stewardship.
He also highlighted their recognition as a Gold Level Green Lease Leader by the U.S. Department of Energy Better Buildings Alliance.
Cost Reduction and Environmental Impact
Andrew Mustin of Graham Street Realty emphasized the importance of the solar installation in their sustainability journey. By utilizing renewable energy, they are not only cutting operational costs but also significantly reducing their environmental impact.
SolarKal’s Role
SolarKal conducted a thorough analysis of GTIS Partners’ nationwide portfolio, assessing utility bills, designing preliminary photovoltaic systems, and modeling returns. Based on this analysis, Belvedere Place was selected as an ideal location for solar development.
SolarKal’s proprietary procurement process identified Greenskies Clean Focus as the preferred provider due to their local expertise.
Greenskies Clean Focus’s Contribution
Greenskies is the project’s developer, financer, owner, and long-term operator under a 25-year power purchase agreement (PPA). They will also provide ongoing operation and maintenance services for the solar system.
Environmental Impact and Future Outlook
The solar system is projected to reduce carbon dioxide emissions by nearly 600 metric tons annually, equivalent to the emissions from 116 homes’ electricity use.
This project demonstrates the growing trend of incorporating sustainable energy solutions into commercial real estate, benefitting both tenants and the environment.