Smart Financing for a Multi-State, Multi-Site Solar Portfolio
Iron Mountain Incorporated® (NYSE: IRM), the storage and information management company, continued expansion of their solar portfolio with 18 rooftop solar arrays in five states totaling 5 megawatts.
Arrays will be built on Iron Mountain operation centers in California, Connecticut, New Jersey, New York and Maryland, and contribute to the company’s mission to obtain local, reliable, cost-effective, 24/7 renewable energy solutions to meet its RE100 goal of 100 percent renewable electricity for global operations.
Managed On-Site Solar for a Robust Sustainability Portfolio
Standard Solar, Inc. is financing and will own and operate the projects as part of a long-term development partnership that will bring additional capacity online.
“On-site solar is one of several important parts to our sustainability portfolio solution set designed to obtain local, reliable, cost-effective, 24/7 renewable energy solutions to meet our corporate RE100 and Science Based Target goals,” said Dan Anninos VP Global FM and EM Project Delivery for Iron Mountain.
To both maximize and optimize the amount of renewables implemented for Iron Mountain, this portfolio of projects required a holistic approach. Standard Solar’s strategy, in partnership with CBRE and OnSwitch, included on-site systems, exploring remote/virtual net metering options, community solar structures and more.
Handle Complex Project Development with Solid Partnerships
“The magnitude of this multi-state, multi-site project required Standard Solar’s extensive knowledge of state and regional energy management programs and policies, market changes and more to ensure Iron Mountain could implement as much solar as possible at each location,” said Shaun Laughlin, Head of US Strategic Development, Partnerships, Project Finance & Acquisition, Standard Solar. “Vital to the success of this portfolio were our partnerships ― combined we are a powerful force helping Iron Mountain take significant steps toward its goal to offset power consumption through renewable energy sources.”
“Through our partnership with Standard Solar, we have been able to build a holistic program that allows Iron Mountain to seamlessly install on-site solar in multiple states. This program is helping Iron Mountain progress towards meeting their environmental goals of RE100 and the Science Based Target Initiative in a cost effective and simple-to-implement method,” said Lauren Fitch CBRE Energy Manager for Iron Mountain.
Standard Solar also partnered with OnSwitch, whose patented AI-powered SkyQuotes platform makes it simpler for solar developers and building owners to evaluate, buy/finance and install commercial solar energy solutions at a guaranteed lowest price, to help maximize cost savings for the projects.
The first project in the portfolio, a 511-kilowatt rooftop array at an Iron Mountain facility in Connecticut, is expected to be fully online by the end of February.
