A joint venture between AXA IM Alts and Cabot Properties has completed a 3.7 MW community solar project on the rooftop of an industrial building in Somerset, NJ.
The project is AXA IM Alts’ first dedicated solar project in the US and is in line with its broader responsible investment strategy which targets decarbonization, resilience against climate issues and creating and enhancing value across its assets.
The new solar system will provide low-cost renewable energy to local businesses and homes, with the installation enabling the offset of over 3,250 tons of CO2 per year, equivalent to the annual energy consumption of 411 households.
As part of New Jersey’s Community Solar Program, the 8,243 panels installed through the project will power c.740 homes in the community, 375 of which are low-to-moderate income. Each of these homes will receive a 21% discount to its utility bill as a result of the installation, equating to annual savings of up to $300 per household.
The project was facilitated through AXA IM Alts and Cabot’s partnership with Black Bear Energy and was developed by Dimension Renewable Energy, who will also own and operate the solar project going forward.
Steve McCarthy, Head of North America at AXA IM Alts, added: “AXA IM Alts is committed to delivering positive environmental and social change through its investments. This project, leveraging our longstanding sustainable development expertise and building on our partnership with Cabot, will make a significant difference to the household bills of hundreds of local families. We are well underway on several other solar projects with ambitious plans for the rollout of additional solar capacity across our US industrial portfolio.”
Brad Otis, Head of Asset Management at Cabot, commented: “Cabot is committed to identifying and executing sustainable improvements for its assets and we look forward to further increasing renewable energy across our portfolios. Our approach to sustainability is focused on aiming to create value over time. Our emphasis on renewable energy is strategic both from the perspective of minimizing our environmental impact, and in making economic sense for our company, clients, and tenants.”
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