Safari Energy, part of the PPL Corporation (NYSE: PPL) family of companies, and the leading partner for large commercial real estate owners and users to optimize returns through solar power deployment, today announced that is has delivered more than 6.7 megawatts (MW) of commercial solar power capacity for Extra Space Storage (NYSE: EXR) at 58 sites in nine states.
The projects are located in a variety of high value solar markets, requiring sophisticated incentive management of feed-in tariff and rebate programs, ZREC solicitations and SREC markets and multiple value transfer methods, including remote net metering.
Matt Rudey, Chief Executive Office, Safari Energy, said: “Extra Space Storage has been a terrific partner over the course of dozens of solar power projects, working with Safari Energy to unlock new revenue from existing properties. We’re best known for our work with leading commercial real estate owners, and self-storage is one of the many markets where Safari Energy has been successful in helping our clients capture incremental returns.”
Tim Arthurs, Senior Vice President, Facilities, Extra Space Storage, said: “We are pleased that through our solar initiative we have been able to be good corporate citizens, while also creating value for our shareholders. Safari Energy has been a valuable and reliable partner for several years, and we look forward to additional future projects together.”
Safari Energy completed more than 1.4 MW of projects for Extra Space Storage in the first four months of 2018 alone, and is projected to complete 5 MW more in 2018.
Across the self-storage industry in the U.S., 48 million square feet of new self-storage properties are planned for 2018, with vacancy expected to remain low and average rents to climb. As the self-storage industry continues to grow, energy efficiency and clean power sources are crucial elements for companies like Extra Space Storage, which are focused on sustainability. By undertaking solar power projects, self-storage companies can not only advance their sustainability goals, but also capture incremental financial returns.
About Safari Energy
Founded in 2008, Safari Energy is a leading partner for large commercial customers and users to optimize returns through solar power deployment. Safari Energy has delivered more than 200 solar energy projects from New York to Hawaii unlocking economic value for its clients. Safari Energy is a subsidiary of PPL Corporation (NYSE:PPL).