A Shining Success:
Cabot Asset Sale
In 2Q 2023, Bridge Renewable Energy (“BRE”) successfully delivered a 210kW roof-installed solar PV array on a 160,000 SF Suburban Chicago Office building. The offtake structure was set up as a Power Purchase Agreement (“PPA”) and Lease.
In 4Q 2023, the office building was successfully sold to a new owner.
Bridge Renewable Energy’s Role:
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Served Client’s needs as developer of the solar installation
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Provided resources to support the sale of the building
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Onboarded new owner to the BRE Platform
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Facilitated assignment of Power Purchase Agreement
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Facilitated assignment of Solar Roof Lease
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Obtained SNDA from the new lender shortly after closing
Flexible Contract Structures
The flexible structure of these agreements allows for smooth transfers, seamlessly facilitating changes in ownership without impeding the sale of the building. This adaptability proved instrumental in ensuring a frictionless and uninterrupted transaction.
Expert Support at all stages
In our role as the developer of the solar installation, we dedicated ourselves to fulfilling our client's needs with a comprehensive approach. Our commitment extended to facilitating the assignment of both the PPA and the Solar Roof Lease, ensuring a smooth transition of these critical components to the new ownership.
The energy generated by the system is equivalent to greenhouse gas emissions from:
22,272,820
Smartphones Charged
20,603
Gallons of Gasoline Consumed
23.1
Homes’ Electricity for One Year
This calculation is equivalent to each individual statistic and not cumulative.
Source: www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results as of March 2024
How It Works
The solar array at Cabot has a capacity of 210 kW. Energy from the sunlight is absorbed by the cells and semiconductors within the PV panel. This energy creates electrical charges causing electricity to flow and generate direct current ("DC") power. The DC power is then converted to alternating current (“AC“) power through an inverter and sent to the main electricity feed for the building. This provides instantaneous power that is used to either reduce or offset greenhouse gas emissions.
IMPACT
Since commissioning in May 2023, the solar array has reduced roughly 115 metric tons of CO2 and has generated 165,174 kilowatt hours (through February 2024).
The information contained herein (the “Material”) is provided by Bridge Renewable Energy (together with its affiliates, “BRE”) for informational purposes only and is not intended to be relied upon as investment advice or an investment recommendation. Past performance is not indicative of future results. This Material is not and should not be considered an offer to sell any securities, nor is it a solicitation of an offer to purchase any securities. There can be no assurance that Bridge Renewable Energy will be successful in implementing any of the initiatives referenced in this Material. This Material includes forward-looking statements that involve risk and uncertainty. Readers are cautioned not to place undue reliance on such forward-looking statements. Certain information referenced or linked in the Materials has been obtained from third-party sources.