BOSTON, Oct. 31, 2019 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (STAG), today announced the groundbreaking of its first two rooftop solar systems in Minnesota.
The projects will be community solar host sites, powering homes and businesses across the twin cities and surrounding areas. Black Bear Energy facilitated the project in partnership with STAG. In total, the new projects will result in STAG hosting 1,808 kW of solar on its rooftops, which is the equivalent of powering more than 200 homes each year.
"We are excited to see these solar installations get underway, and once complete, provide new distributed local energy for homeowners and businesses who are unable to host solar themselves. We are committed to strategies that increase both the sustainability and the value of our portfolio, and the implementation of solar provides a great opportunity for us to leverage our square footage and to provide resources for the local community," said Brian LaMont, Senior Vice President of Construction at STAG.
Construction on the portfolio commenced in October and is expected to wrap up by year end.
STAG is actively pursuing solar opportunities nationwide, with more than 20 MW of executed contracts across four states in development.
"We are honored to be working with STAG on these projects. While industrial assets are best known for distributing goods, their large rooftops can also distribute local clean energy by hosting solar PV and creating value for the landlord and surrounding communities," commented Drew Torbin, Black Bear Energy's Chief Executive Officer.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company's portfolio consists of 430 properties in 37 states with approximately 86.0 million rentable square feet as of September 30, 2019.
About Black Bear Energy
Black Bear Energy is a technology-enabled energy services company that represents commercial renewable and clean energy buyers. Black Bear represents over 55 clients who in aggregate own, manage, or control more than 4 billion square feet of real estate through the U.S. For more information about Black Bear Energy visit BlackBearEnergy.com. For press inquiries contact firstname.lastname@example.org.
For additional information, please visit the Company's website at www.stagindustrial.com.
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 discussed in the Company's annual report on Form 10-K for the year ended December 31, 2018 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.