STAG Industrial

One significant challenge for STAG is its business model as a single-tenant acquisition group, where tenants often retain roof rights. This requires clear focus on where STAG retains roof rights, and where they do not, tenant cooperation for solar projects to move forward. Black Bear Energy’s transactions team has been critical in overcoming these challenges and paving the way for STAG to be able to scale their solar deployment. 

One notable project from STAG's solar portfolio is a three rooftop solar array in New Jersey, facilitated by Black Bear Energy and developed by Dimension Energy in 2023. The project delivers 2.7 MW of renewable energy under the New Jersey Community Solar Pilot Program, with over 50% of the energy benefiting low- and moderate-income residents. Together, these systems generate over 3.4 million kilowatt-hours annually, equivalent to powering nearly 500 homes, while providing significant savings on electricity bills for local residents.

Additionally, in 2023 STAG broke ground on three Maryland community solar projects totaling 11.6 MW. These projects provide low-cost renewable energy to local homes and businesses. Among the three arrays is a 9.2 MW installation on STAG's Hampstead facility, which was the largest rooftop community solar project in the U.S. at the time, generating over 15 million kWh annually—enough to power nearly 1,500 homes.