SAN MATEO, Calif., March 22, 2018 /PRNewswire/ -- Alta Energy, a sustainable energy advisory and procurement services provider, announced today the completion of a 1.4 MW solar parking canopy system at the Towers at Great America in Santa Clara, California, a Class A office property owned by investors advised by PGIM Real Estate. The solar power system will supply more than 100% of the energy consumed by the office property's amenities building, enabling it to qualify as an Emerging Zero Energy (ZE) building. It is the first building owned by an institutional commercial real estate investor to be included in the New Buildings Institute's registry of emerging and verified Zero Energy retrofit buildings.
The Towers at Great America comprises two six-story office buildings with approximately 630,000 square feet of rentable space, two five-level stand-alone parking structures, and the 24,000 square-foot amenities building, which serves as a meeting area, café, and fitness center for tenants of the two office towers located adjacent to the site. The solar parking canopies covering the upper levels of both parking structures total 1,388 kW in solar generating capacity. These canopies were completed without a capital investment by the building owner, while generating incremental roof rent to benefit investors. These solar arrays will produce approximately 2.4 MWh of electricity each year, exceeding the amount of energy consumed by the amenities building and the parking structures.
"PGIM Real Estate is committed to incorporating sustainability into our real estate investment processes in a manner that benefits our investors, our building's occupants, and the communities that we serve," said David DeVos, Director of Sustainability for PGIM Real Estate. "In addition to electricity, the solar panels provide shaded parking on the upper decks of both parking structures. To further deliver high performing space to our tenants, the amenities building and parking garages each feature advanced energy technologies including LED lighting and advanced lighting controls, electric vehicle charging stations, and a plan to replace the HVAC with a high-efficiency unit, all of which contribute to the facility's Emerging Zero Energy status."
Alta Energy worked with PGIM Real Estate and property management firm Harvest Properties to develop the solar project. Alta's services included analyzing energy bills, assessing the feasibility of a solar power system, securing a valuable incentive from the local electric utility, and helping PGIM Real Estate select a renewable energy provider to finance, construct, and operate the system. Additionally, Alta Energy helped PGIM Real Estate qualify the amenities building as an Emerging ZE Building with the New Buildings Institute, a leading nonprofit organization working to improve the energy performance of commercial buildings.
"Alta Energy is thrilled to play a role in achieving the status of Zero Energy for the amenities building at the Towers at Great America," said Alta Energy's CEO Sam Lee. "This project demonstrates that Zero Energy can be an attainable goal in a mainstream commercial real estate environment."
In addition to the solar canopies and other energy-related improvements, a just-completed renovation has incorporated new amenities into the facility, including indoor and outdoor dining areas connected via operable glazing and an exterior canopy structure, a large-format media wall, an outdoor fire pit lounge and outdoor meeting spaces. Altogether, these features will help differentiate the Class A office property and attract high-quality tenants, while also supporting PGIM Real Estate's overall sustainability efforts and contributing an innovative new addition to the network of ZNE buildings across the United States.
Santa Clara's municipal electric utility, Silicon Valley Power, provided an incentive for the solar power system as well as rebates for some of the energy upgrades. The renovation of the amenities building was designed by the local architectural firm AP+I Design. The solar power system was provided by BayWa r.e., a leading international renewable energy developer. Harvest Properties oversaw implementation of the entire effort.
About Alta Energy
Alta Energy provides comprehensive analytics, strategic advice, and procurement services for companies looking to become more sustainable and profitable through the use of renewable energy. Alta Energy partners with its customers to deliver holistic solutions that are both technology and service neutral, representing their customers' best interests and enabling them to achieve the environmental and economic benefits of renewable energy. For more information, please visit www.altaenergy.com.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE :PRU ). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.6 billion ($49.9 billion net) as of Dec. 31, 2017. PGIM Real Estate's tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
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