Press Release
2.29.24
Business Wire
Key Points
Valta Energy and Black Bear Energy Celebrate Completion of 1.7MW Solar Array in Los Angeles
Valta Energy and Black Bear Energy are proud to announce the completion of a 1.7 MW rooftop solar array on a warehouse property located in Torrance, CA and owned by Ares Management (“Ares”) Real Estate funds. The newly constructed, fully leased, best-in-class facility is located in the dynamic South Bay industrial market. The project, which is part of the Los Angeles Department of Water and Power (LADWP) Feed-in Tariff (FiT) program, will provide renewable electricity to the local utility grid. Launched in 2013, the FiT program incentivizes the deployment of solar through predetermined tariff rates for twenty years. The system, built by Valta Energy and facilitated by Black Bear Energy, will produce 2,963,023 kWh per year, equivalent to powering 202 homes yearly.
"We are excited to embark on this journey towards a more sustainable future with our partners," said Steve Young, Managing Director in the Ares Real Estate team. "This rooftop solar project not only aligns with our initiative to support a transition to a lower carbon economy, but also demonstrates our commitment to driving positive change within the communities we operate."
"We are thrilled to have collaborated with top caliber partners like Valta to complete projects of this scale which benefit the city of Los Angeles and support Ares’ commitment to solar,” said Drew Torbin, Black Bear’s Founder and President.
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