CREJ

Page 4 — Property Management Quarterly — April 2021 www.crej.com News W ork began on a Colorado State University solar energy project that will help reduce the institu- tion’s carbon footprint. In October, CSU awarded the renew- able energy project to builder Namasté Solar and financial part- ner Solaris Energy. Namasté Solar will develop, design and construct the 5.5-mega- watt solar power project across 21 sites on the CSU campus in Fort Collins, with Solaris Energy pro- viding the needed capital. Sites include the Johnson Family Equine Hospital, Laurel Village, Richardson Design Center, and the Agricul- tural Research, Development and Education Center. Combined, the systems are expected to produce 7,532 megawatt-hours per year, the equivalent of powering over 900 homes with electricity throughout the system’s decadeslong lifetime. CSU currently has 6.8 MW of on- campus solar, and this project will nearly double that. This is another major development toward CSU’s commitment to 100% renewable electricity by 2030 and carbon neu- trality by 2050. Aside from Namasté Solar and Solaris Energy, the project will employ at least 12 other local busi- nesses, boosting the economy with well-paying green jobs. Work is underway and is estimated to be completed by late 2022. “Our nonprofit and local roots have been a guiding north star for us when it comes to serving our community. As a solar finance com- pany, we also deeply value climate solutions and protecting our envi- ronment,” said Solaris Energy CEO Alex Blackmer. “This project brings it all together, with our local uni- versity leading the way to boost the local economy and provide a sus- tainable future for the very students it serves. We’re proud to be a piece of the magic.” When the project was first announced in 2020, Colorado was experiencing the two largest fires in the state’s history just miles from CSU’s campus. The fires across the West made national headlines, bringing home the climate and air quality benefits this solar energy project has, as well as other clean energy initiatives, which reduce greenhouse gas emissions. “Last year’s fires had a devastating impact here in Colorado and provid- ed an even greater sense of urgency to address the climate crisis we all face,” said Jason Sharpe, co-owner and CEO of Namasté Solar. Namasté Solar and Solaris Energy are working with CSU’s sustainabil- ity and CSU facilities management staff to install solar on rooftops, carports and a ground mount at a sheep pasture on the agricultural campus. CSU will receive renewable elec- tricity through a long-term power purchase agreement with Solaris Energy. The terms of that agree- ment fix the electricity rate charge to CSU for 25 years, providing a hedge against future rate hikes. CSU will retain ownership of Renewable Energy Credits attributed to the new systems, and Solaris Energy will own and manage the systems as a part of its larger asset portfolio. Other news n CentrePoint Properties engaged the Colorado Commercial Property Assessed Clean Energy program to leverage $1.5 million for the upgrades on a 95,952-square-foot office building located at 789 Sher- man St. in Denver. Improvements include a new makeup air unit, cooling tower, boiler, domestic hot water pump, building automation system upgrade, garage sensors, roof coating, window joint sealing and LED lighting. “As the building is almost 50 years old, it’s not surprising that it needed so many system upgrades,” said Alan Bruno, vice president of CentrePoint Properties. “Thanks to Colorado’s C-PACE program, what could have been a major capital budget investment turned into an asset improvement opportunity through a major building overhaul that benefits the environment, our tenants and our bottom line.” Integro Strategic Finance devel- oped the project in partnership with Group14 Engineering, which con- ducted the project savings analy- sis and found that the building is projected to save over $1.5 million in utility costs over the useful life of the energy-efficiency improve- ments, according to Sue Reilly, pres- ident of Group14 Engineering. Bellco Credit Union provided the $1.5 million in C-PACE financing. n Colorado C-PACE announced that Palmer Properties, in partner- ship with Air Comfort, will use $130,000 in Colorado Commercial Property Assessed Clean Energy financing to convert a former IHOP into a new Big Red F Post Chicken & Beer restaurant. Located at 1002 S. College Ave. in Fort Collins, the ret- rofit will include a major overhaul of the air conditioning and space heating systems. Financing was provided by Inland Green Capital via the Colorado C-PACE program’s open market funding model. While Inland has provided PACE financing nation- wide, the project is the company’s first in Colorado. n Xcel Energy – Colorado announced the details of its upcom- ing Clean Energy Plan to deliver its customers an estimated 85% reduction in carbon dioxide emis- sions from 2005 levels by 2030. The plan will result in greater reduc- tions than required by Colorado law and will double renewable energy and battery storage on the system, providing customers with electric- ity derived from approximately 80% renewable sources while maintain- ing affordable and reliable energy service. In 2018, Xcel Energy became the first utility in the nation to announce a vision of a carbon-free electricity system by 2050. High- lights of the plan include adding 5,500 megawatts of new wind, solar generation and battery storage; significantly reducing coal plant operations by 2030 and retiring or CSU’s new project nearly doubles on-campus solar Please see News, Page 28