New York (August 11, 2021) — BentallGreenOak (BGO), on behalf of an institutional investor, announced plans to install its first community solar project, financed by Summit Ridge Energy (SRE) and facilitated by Black Bear Energy. The two solar projects totaling 2.7 MW in size will be owned and operated by SRE and hosted on two of BGO’s industrial assets. Once operational in Q1 2022, both rooftop systems will participate in Maryland’s community solar program to provide renewable power to local residents and businesses and are expected to produce 3,498,755 kWh of electricity, enough to power approximately 300 homes for one year. This is the first community-use solar project for BGO, who is evaluating similar community solar hosting opportunities for the firm’s national industrial portfolio.
“It is inherent in our investment philosophy to explore innovative and meaningful ways to create connection points between our assets and the communities that surround them, in order to produce economic, environmental and social benefits. In partnership with Black Bear Energy and Summit Ridge Energy, we are demonstrating that industrial assets can also achieve these goals by utilizing valuable rooftop square footage to reliably deliver clean energy back to the local grid,” said Mark Reinikka, Managing Director of U.S. Asset Management, BentallGreenOak.
“Summit Ridge Energy continues to be the nationwide leader in financing community solar projects and is thrilled to partner with BGO and Black Bear Energy to build another project in Maryland. SRE looks forward to starting construction on this large-scale rooftop solar array,” said SRE’s Vice President of Business Development Nate Greenberg.
“It is exciting to work with clients like BGO that take advantage of community solar opportunities to create value not just for themselves but for the greater community. We are proud to support our clients’ efforts in increasing renewable energy generation and providing low-cost renewable power to the wider community,” commented Drew Torbin, Black Bear Energy’s Chief Executive Officer.
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $69 billion USD of assets under management (as of June 30, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates. As of 1Q21, BentallGreenOak changed its definition of Total AUM to include certain uncalled capital commitments for discretionary capital until they are legally expired and continue to exclude certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bentallgreenoak.com
About Summit Ridge Energy
Summit Ridge Energy is the country’s leading owner-operator of community solar assets. Through dedicated funding platforms, the team acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. Follow Summit Ridge Energy on and for updates, or learn more at www.srenergy.com.
About Black Bear Energy
Black Bear Energy is a technology-enabled, commercial buyer’s representative specializing in onsite renewable energy and cleantech services. In the past five years, Black Bear has helped its clients bid out over 1,000 clean technology projects in more than 20 states through its data driven process. For more information about Black Bear Energy, visit www.blackbearenergy.com.
Global Head of Communications, BentallGreenOak
Director, Communications, Summit Ridge Energy