APR Renewables and Ashley Capital: US Solar Portfolio Phase One Announcement


One of the largest privately held industrial real estate companies in the United States, Ashley Capital, has entered into an agreement to be part of APR Renewables’ Solar Roof Lease Program for a property it manages near Lansing, Michigan.

APR Renewables (APR) will develop, build, and operate solar energy assets on roof-top spaces. The first building scheduled for the Solar Roof Lease Program is 1,000,000 square feet located in Delta Township, near Lansing, Michigan. The building is owned by Ashley Equities, an affiliate of Ashley Capital, which manages the building. The long-range plan is for APR to deploy the solar energy assets in multiple phases. This strategic deal has the potential to become one of the largest (up to 225 MW) solar rooftop portfolios in North America. APR’s Solar Roof Lease Program creates the unique opportunity for Ashley Equities, LLC to convert its portfolio’s rooftops from being cost centers to profit centers, while keeping the current energy providers in place.

“We look forward to this exciting opportunity for Ashley Equities to support sustainability while creating additional revenue,” said AJ Javan, CEO of APR Renewables. “Sustainability has always been good for the environment and can now be monetized for business as a revenue driver.”

“The opportunity to create value from millions of square feet of rooftops in our portfolio has certainly gotten our attention. We are enthusiastic about the opportunity to work with APR and phase one of the roll out in our portfolio. We intend to roll this out across our Michigan portfolio.” said Rick Morton, Co-Founder of Ashley Capital.

APR develops, builds, and operates large commercial and utility-scale solar and energy storage assets that provide clean green energy to multi-national companies, electrical utilities, industrial and warehousing, data centers, communities, and government entities. The green energy produced by APR’s solar systems will contribute to meeting the United States’ climate change goals, including reaching 100% carbon pollution-free electricity by 2035.

About APR Renewables

APR Renewables is a green energy provider specializing in solutions for customers seeking immediate results for their environment, sustainability, and savings goals through our rapid implementation of clean energy technologies. APR Renewables supplies its customers with green energy through flexible power purchase agreements (PPAs) and virtual power purchase agreements (VPPAs), tailored to meet their individual needs. For nearly 14 years, APR Renewables’ executive team has successfully implemented the mission of building green assets that provide the energy needs for the world’s leading companies and brands.

About Ashley Capital

Founded in 1984, Ashley Capital has become one of the largest privately held industrial real estate investment companies in the United States. The firm has offices in Atlanta, Chicago, Detroit, Florida, and New York. Ashley’s current portfolio stands at approximately 30 million square feet and growing, with properties concentrated throughout the eastern half of the United States.