Altus Power, a leading provider of clean energy, has announced plans to build a 10.5-megawatt solar project on three logistics buildings in New Jersey, spanning over 1.1 million square feet. The buildings were developed by Trammell Crow Company (TCC) and CBRE Investment Management (CBRE IM). Once completed, the solar energy generated will benefit CBRE IM tenants and local New Jersey residents through the Altus Power Community Solar program, which is part of the New Jersey Community Solar Energy Program.
Brett Phillips, Director, Investment and Structured Finance, Altus Power, said in a statement, “The introduction of this solar project in the heart of the Central New Jersey Industrial Market marks a significant milestone in our partnership with CBRE IM and TCC and our shared commitment to delivering sustainable energy solutions. With the addition of these assets, we are not only expanding our footprint in the Garden State but also delivering meaningful benefits to the communities we serve.”
Jesse Harty, Head of Logistics for America’s Direct Real Estate at CBRE IM., also stated, “CBRE IM and TCC’s intent in developing Arsenal Trade Center was to meet the demand for modern logistics space while providing valuable economic development to the area. We also understand that users that want to occupy these next-generation assets are more likely to demand access to lower-cost, renewable energy to support their business operations. This community solar project with Altus Power has the ability to help our tenants reduce their energy costs and support their sustainability goals, while providing local residents with discounted solar energy.”
Rob Bernard, CBRE’s Chief Sustainability Officer, mentioned, “This project with Altus is the latest example of how CBRE and Altus are helping to accelerate the opportunities to provide customers with access to lower-cost energy that is also carbon-free. At CBRE, we are working with our clients to show that more sustainable buildings can also be more economical – for property owners and for tenants.”
Once completed, the solar project is expected to provide clean energy to up to 1,800 households. Altus Power’s distributed solar systems help businesses and families reach their sustainability goals. A leader in Community Solar, Altus Power serves over 30,000 subscribers across the country. Community Solar allows homeowners and renters of all income levels to enjoy clean energy savings through discounts on their utility bills, without the need to install or maintain solar panels.
