Ivanhoe Cambridge and Blackstone Group LP are going green in a big way, with plans to install what they say will be the largest private multifamily residential rooftop solar project in the U.S. at their vintage New York complex, Stuyvesant Town-Peter Cooper Village.
Ivanhoe Cambridge is the real estate money management subsidiary of the C$286.5 billion ($226 billion) Caisse de depot et placement du Quebec, Montreal.
"Working to make communities more sustainable underpins many of our business decisions. We are especially proud of this initiative and congratulate our partners Blackstone and the team at SPS," said Daniel Fournier, chairman and CEO, Ivanhoe Cambridge, in a written statement. SPS refers to StuyTown Property Services, the property management company of Stuyvesant Town-Peter Cooper Village.
This winter, Onyx Renewable Partners will begin installing the 3.8 megawatt DC solar energy system, which is made up of 9,671 high-efficiency solar panels across the development's 22 acres of rooftops. The project is expected to be completed in 2019 and generate 6% of the total energy consumed by Stuyvesant Town's 110 buildings, according to SPS.
"Stuyvesant Town-Peter Cooper Village is a very special place and continues to be a leader in New York City," Mr. Fournier said.
