Metlife Investment Management (MIM), on behalf of its owners PGGM and MetLife, has signed an agreement with DSD Renewables to install a 2.2 MW solar project and 510 kWh battery energy storage system (BESS) at its Intersect office – a creative campus-style office in Irvine, California.
“We recognize the role buildings and responsible real estate investing can play in improving workplaces and communities while positively impacting the environment,” said Jim Landau, Head of ESG, Real Estate, and Agriculture at MIM. “The Intersect solar project advances our commitment to supporting and financing solutions that drive progress toward a low-carbon economy, manage risk, and create sustainable investment returns.”
The four-building rooftop and car canopy solar project will generate more than 3.5 million kWh of clean energy each year – allowing nearly 74% of Intersect’s energy usage to be produced onsite. The complimenting BESS will store excess generated electricity and support the California grid by reducing peak demand.
The Intersect facility is a 454,000-square-foot campus with several amenities for tenants and local community members, such as urban gardens, wellness trails, sports courtyards, and music spaces.
“Installing solar on properties where it makes financial sense fits perfectly with PGGM’s focus on sustainable investment initiatives,” said Eugene Phillips, Investment Manager at PGGM. “A low-carbon building, with resulting tenant benefits, will attract tenants and make the office campus futureproof – and is also a building block in making our real estate portfolio more impactful.”
MIM purchased the property for $235 million in 2022 through a joint venture seeking to acquire differentiated office assets – such as creative, life sciences, and medical offices – throughout the US.
