Commercial, Solar, Sourcing Renewables - February 9, 2024
MetLife Investment Management Adds Solar in California
MetLife Investment Management (MIM) signed an agreement to install a 2.2 megawatt solar project and 510 kWh battery energy storage system at Intersect.
Intersect is a creative campus-style office property in Irvine, CA. The four-building rooftop and car canopy solar project will generate more than 3.5 million kWh of clean energy annually, enabling approximately 74% of Intersect’s required energy to be produced onsite.
The solar agreement was signed with DSD Renewables.
MIM, on behalf of its owners, acquired Intersect through a strategic joint venture formed in 2022 with a sustainable investing approach. The venture seeks to acquire office assets within innovative hubs throughout the U.S. by targeting creative, life sciences, and medical offices.
The nearly 500,000-square-foot campus includes several amenities for both tenants and the local community, including urban gardens, wellness trails, sports courtyards, music spaces, and more.
“We recognize the role buildings and responsible real estate investing can play in improving workplaces and communities while positively impacting the environment,” said Jim Landau, head of Environmental, Social & Governance, Real Estate and Agriculture, MIM in a statement. “The Intersect solar project advances our commitment to supporting and financing solutions that drive progress toward a low-carbon economy, manage risk and create sustainable investment returns.”
The installation is occurring on behalf of its owners PGGM and MetLife; PGGM Investment Management is part of the Dutch not-for-profit pension fund service provider PGGM.
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