Real estate developers Rawson, Blum & Leon develop 345-kW solar system with Alta Energy, sell power under FIT to MCE
Written By: Stratton Report
December 13, 2016
On December 13, Rawson, Blum & Leon, a San Francisco-based real estate developer in announced it had developed, in partnership with Alta Energy, a 345-kW DC solar PV system at its popular Cost Plus Plaza shopping center in Larkspur, CA.
The energy produced from the Cost Plus Plaza solar system will be sold to MCE, a local public electricity provider, through a standard-offer feed-in-tariff contract. According to RBL. MCE’s FIT program agreement provided a basis for securing the project’s financing, as well as a high level of certainty regarding its generated revenue stream.
Per RBL, the 53,000 square foot center’s rooftop solar system will generate approximately $50,000, or $0.94 per square foot, in new revenue per year.
Ari Blum, partner at RBL noted:
“Solar energy helps us increase revenue at our Cost Plus Plaza property, while also helping the environment. We believe our tenants and their customers appreciate knowing the property is producing solar energy. Alta Energy helped us navigate the complexities associated with solar deployment, advised us on the financial structure alternatives and available incentives, and saw the project through completion. Alta Energy’s neutrality and ability to provide meaningful decision-making information was a key driver to enabling solar for this project.”
BayWa Renewable Energy completed the installation of the PV system.
Jeff Hintzke, Alta Energy’s Vice President of Operations remarked: “With this solar project, RBL tapped what is typically a property’s most under-utilized asset – its roof – to generate new income and enhance the return of the real estate asset, while also benefitting the environment,” said. “Alta Energy is proud to have provided RBL with the analytics, financing options, technical assessments and procurement services to make this project become a reality.”
MCE CEO Dawn Weisz observed: “We are pleased to support the Cost Plus Plaza solar project and hope this serves as a local renewable development case study for other businesses, renewable energy entrepreneurs and developers.”