Multifamily real estate investment firm, GID Investment Advisers, and Black Bear Energy, the leading owner’s representative for onsite renewables, today announced the groundbreaking of two commercial solar systems.
The projects, which are GID’s first solar leases, will provide energy to the Cities of Somerville and Cambridge while also providing low-cost energy to low-income residents and roof rental income to GID.
Black Bear Energy facilitated the project acting as the owner’s representative to GID. Davis Hill Development (DHD), a regional solar project developer and Black Bear Energy channel partner, will develop the solar projects. Sunwealth, a clean energy investment firm based in Somerville, will finance the projects through its Solar Impact Fund.
“We are excited to see these solar installations get underway, and once complete, provide power to the local communities. These installations align with GID’s core values for sustainability, by helping to increase the resiliency of our local communities and providing long-term value to our assets,” said Matthew Bernstein, Asset Manager and Co-Chair Sustainability Committee at GID.
Construction will start at the end of May and when complete will total 824 kilowatts. The installations are located at two of GID’s multifamily properties in the greater Boston area – Windsor at Cambridge Park and Windsor at Maxwell’s Green.
“It has been a pleasure working with GID and DHD, and to see these projects get underway. The Massachusetts market provides great opportunity for commercial property owners to realize additional value from their existing portfolio.” commented Drew Torbin, Black Bear Energy’s Chief Executive Officer.
“We are excited to collaborate with GID on developing these assets. Through our unique arrangement, we have been able to optimize benefits to GID, provide significant energy savings to local organizations and, through our partnership with Sunwealth, accelerate capital into the commercial solar market,” said Matt Coleman, Principal at DHD.
“Verdani Partners is proud of GID’s solar accomplishments and our partnership with Black Bear’s team of solar experts to support us through the process. These solar deals are creating financial value for GID’s properties, and reducing global carbon emissions, which aligns with GID’s long term Environmental, Social, Governance goals,” said Daniele Horton, President at Verdani and GID’s Sustainability Consultant’s.
About Black Bear Energy, Inc.
Black Bear Energy is a technology-enabled energy services company that represents commercial renewable and clean energy buyers. Black Bear’s clients own, manage, or control more than 3 billion square feet of real estate through the U.S. For more information about Black Bear Energy visit BlackBearEnergy.com. For press inquiries contact firstname.lastname@example.org.
GID is a privately held, globally diversified, and fully integrated real estate organization founded in 1960 that develops, owns, and manages a premier portfolio of existing and under-development properties valued at over $18 billion. For more information visit gid.com.