GID, a vertically-integrated real estate developer, investor, and operator, together with Greenskies Clean Focus, a national leader in renewable energy solutions, has announced the completion of a commercial solar system at Pavona Apartments by Windsor in downtown San Jose, CA.
Project Overview
The rooftop solar installation, consisting of 320 modules with a total capacity of 130 kW, is projected to produce over 180,000 kWh of clean energy annually.
This amount of energy is equivalent to powering 25 homes or reducing over 125 tons of CO2 emissions each year, according to the US EPA Greenhouse Gas Calculator.
“At GID, we consistently seek opportunities that support both our financial responsibilities and our long-term commitments to environmental sustainability,” stated Phil Carmody, SVP and Head of ESG at GID.
“We are excited to have collaborated with Greenskies to boost our renewable energy output and are eager to monitor its impact in the future.”
Financial and Operational Model
Greenskies developed and financed the project for GID with no upfront costs through a 25-year Power Purchase Agreement (PPA).
As the long-term owner and operator of the system, Greenskies will handle ongoing maintenance, ensuring the solar system’s sustainability and efficiency for many years to come.
“It has been a pleasure working with GID to bring this project to fruition,” said Stanley Chin, President and CEO of Greenskies. “Distributed generation solar provides a fantastic opportunity for commercial property owners to gain additional value from their existing portfolios through substantial energy cost savings and reduced carbon emissions.”
GID’s Commitment to Sustainability
GID has consistently championed sustainability, integrating Environmental, Social, and Governance (ESG) principles and leveraging its investment, development, and management expertise to enhance the communities where they invest, live, and operate.
Installing on-site solar at this property helps address ongoing energy challenges in California, from systemic power shortages to rapidly increasing energy prices, by enhancing resiliency and delivering reliable, low-cost, clean, renewable energy.
About Greenskies Clean Focus
Greenskies Clean Focus offers a comprehensive suite of decarbonization solutions, including onsite and offsite solar, battery storage, microgrids, and Combined Cooling, Heat, and Power (CCHP).
Their vertical integration ensures the most cost-competitive solutions for commercial, public sector, and utility energy users across the United States.
From inception to completion, customers interact with a single delivery team. Greenskies manages the origination, development, construction, and operation, while Clean Focus finances and owns the systems.
Since its establishment in 2009, Greenskies has developed and constructed over 320 MW of renewable energy facilities across 605 sites in 19 states. Solar Power World ranks Greenskies Clean Focus as the number one commercial solar developer in the Northeast and among the top three in the US based on cumulative kW installed.
For more information about Greenskies Clean Focus and its decarbonization solutions, please visit greenskies.com.
About GID
GID is a privately-held, vertically-integrated real estate company that owns, operates, and manages a portfolio of multifamily and industrial assets and develops mixed-use projects across the United States.
The firm also operates a credit platform aimed at providing commercial real estate debt solutions for institutional borrowers.
With corporate offices in Atlanta, Boston, Dallas, Dubai, New York, and San Francisco, GID is an experienced real estate investor and manager supported by an integrated operating platform.
With over 60 years of experience across multiple asset classes, as of March 31, 2024, GID owns and manages $29.0 billion in assets under management, encompassing 55,000 apartment units and 26 million square feet of industrial and commercial space.
Conclusion
The collaboration between Greenskies and GID on the Pavona Apartments solar project marks a significant step towards sustainable energy solutions.
By generating clean energy and reducing carbon emissions, this project exemplifies the impactful benefits of integrating renewable energy into commercial properties. GID’s commitment to ESG principles and Greenskies’ expertise in renewable energy development make this project a notable contribution to long-term sustainability goals.