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Case study
Industrial
STAG Industrial Solar
STAG Industrial, Inc. (STAG), a real estate investment trust specializing in industrial properties across the U.S., partnered with Black Bear Energy in 2016 to integrate solar energy into its portfolio. Together, they have deployed significant solar capacity across seven markets (energized projects), covering over 4 million square feet of rooftops and generating substantial clean energy. This collaboration has positioned STAG as a leader in hosting onsite solar within the commercial and industrial (C&I) space.
Strategic Approach
At the outset, Black Bear conducted a high-level analysis of STAG’s portfolio, identifying markets with proven solar success and strong financial incentives. Initial projects were launched in these favorable markets, enabling STAG to establish a solid foundation and an internal process for when projects are approved, and when they do not move forward. As projects progressed, STAG expanded into new regions, leveraging Black Bear’s expertise in tracking emerging solar programs and issuing additional RFPs. Even before completing the first project, STAG had initiated several additional RFPs across its portfolio. This ability to scale without building up STAG’s own internal team was only possible by leveraging the transaction and project management resources provided by Black Bear Energy.
Challenges & Opportunities
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.
Results
Through its partnership with Black Bear Energy, STAG has become a leader in solar adoption within the C&I sector, with 30.27 MW of solar deployed across 17 different assets and more projects in the pipeline. Solar has become a standard practice across STAG’s portfolio, reflecting their commitment to hosting onsite solar whenever it adds value to the portfolio.
Locations
PA, NJ, IL, MN, MD, MA, CT
Total MW Energized
30.27 MW
Avoid CO2 Emissions
11,560 MT CO2/Year
Technology
Solar
Program Type
Community Solar, Other Hosted Solar
Market Segment
Industrial
Project Benefits
Rent
Last Updated
January 12, 2025
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