US investment firm Blackstone has launched a solar programme which aims to improve the environmental performance across its portfolio of companies and real estate assets.
The programme — which was developed in collaboration with Blackstone’s Private Equity, Real Estate, and Advisory businesses — has been set up as part of an ongoing effort to focus on sustainability across the firm for companies it manages and advises. According to Blackstone, it has the potential to help its portfolio to reduce energy costs by around 10%.
Under the programme, it will install PV modules and systems on the rooftops of select portfolio companies free of charge. The PV arrays will be owned and maintained by third party investors while the portfolio companies will buy the power then generate via long-term power purchase agreements, which will, in turn, help to “significantly lower their power costs upon system startup”.
Smart Energy Capital has been appointed to support project development and maintenance.
“Blackstone’s latest sustainability initiative complements our ongoing success in reducing energy costs and driving environmental performance improvement across our portfolio,” said Don Anderson, Blackstone’s Chief Sustainability Officer. “Our portfolio companies and clients can easily take advantage of this programme to speed the application of renewable technologies across our retail, industrial, and hospitality companies.”