BOSTON, Nov. 18, 2020 /PRNewswire/ -- STAG Industrial, Inc. (NYSE:STAG) today announced the groundbreaking of their first onsite solar installations in Maryland, which are owned and developed by Summit Ridge Energy ("SRE"). The three projects are part of Maryland's community solar program and will provide low-cost renewable energy to local homes and businesses. Co-developed by Black Bear Energy and SRE, the systems have an aggregate capacity of 11.6 MW and will generate over 15 million kWh of electricity annually - the equivalent of powering nearly 1,500 homes. The installations include a 9.2 MW system on STAG's Hampstead facility, which when completed will be the country's largest rooftop community solar project. With the addition of these sites, STAG now hosts over 25.5 MW of solar nationally.
"We continue to leverage our portfolio by hosting solar wherever possible, and the Maryland market provided an opportunity for us to do just that. In this case, our Hampstead facility with a large, brand new roof was an ideal fit. It's encouraging to know the local grid is greener thanks in part to the renewable energy generated by the solar system on our roof." said Brian LaMont, Senior Vice President of Construction at STAG.
"Summit Ridge Energy is thrilled to partner with STAG and Black Bear Energy on this portfolio of industrial rooftop community solar projects in Maryland. SRE continues to be the nationwide leader in financing community solar projects and is excited to start construction on what will be the country's largest rooftop community solar project" said Nate Greenberg, Vice President of Rooftop Community Solar Development at Summit Ridge Energy.
"STAG is an industry leader in environmental stewardship and we are proud to support their efforts in onsite renewable generation. It is energizing to see our clients take action, creating value for themselves and the greater community," commented Drew Torbin, Black Bear Energy's Chief Executive Officer.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of single-tenant, industrial properties throughout the United States. As of September 30, 2020, the Company's portfolio consists of 462 buildings in 38 states with approximately 92.3 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
About Summit Ridge Energy
Summit Ridge Energy is the leading owner-operator of U.S. community solar projects. The team has been a strong force within the U.S. commercial solar market for years and was instrumental in the creation of "virtual" solar power purchase agreements and associated financing structures. Summit Ridge Energy has leveraged this experience to launch Summit Ridge Capital, a dedicated funding platform that acquires pre-operational projects within the rapidly growing community solar energy sector. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at 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 BlackBearEnergy.com. For press inquiries, contact [email protected].
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors 2 discussed in the Company's annual report on Form 10-K for the year ended December 31, 2019 as updated by the Company's quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
SOURCE STAG Industrial, Inc.