Kilroy Realty And Nautilus Solar Energy Announce A 5MW Commercial Solar Portfolio Development In California
SUMMIT, N.J., May 9, 2017 /PRNewswire/ -- Kilroy Realty Corporation, a leading West Coast REIT, and Nautilus Solar Energy LLC, a leading national solar project development and asset management company, today announced the ground breaking for a portfolio of commercial solar developments spread across 9 of Kilroy's class A office properties located between Southern and Northern California. The decision to develop solar projects for each property leverages the respective strengths of each party and extends their common vision towards building a sustainable future.
The commercial solar developments, which will total 5.2 MW DC when complete, will consist of solar carport and rooftop applications located at Kilroy's commercial office properties in San Diego, San Francisco, Menlo Park and Long Beach, California. The sites will begin construction in Q2 2017 with most of the sites reaching final completion during 2017 and a final rooftop site on a newly constructed building expecting to reach final completion by early 2018.
We chose to work with Nautilus Solar because of their exceptional track record of successfully developing and financing complex commercial solar developments in the U.S., said Sara Neff, Senior Vice President of sustainability at KRC. This solar portfolio will complement our longstanding commitment to reducing energy consumption throughout our buildings.
This initial development represents both organizations' continued devotion to making a real difference towards deploying renewable energy, said Jim Rice, CEO and co-founder of Nautilus Solar Energy. We're very pleased to provide a solution for KRC that allows them to achieve their sustainability goals in an economic manner and look forward to expanding our relationship, added Jeffrey Cheng, COO of Nautilus.
About Kilroy Realty Corporation
With approximately 70 years' experience owning, developing, acquiring and managing real estate assets in West Coast real estate markets, Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the region's premier landlords. The company provides physical work environments that foster creativity and productivity and serves a broad roster of dynamic, innovation-driven tenants, including technology, entertainment, digital media and health care companies.
At December 31, 2016, the company's stabilized portfolio totaled approximately 14.0 million square feet of office space and 200 residential units located in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area and greater Seattle. The company is recognized by GRESB as the North American leader in sustainability and was ranked first among 178 North American participants across all asset types. At the end of the fourth quarter, the company's properties were 51% LEED certified and 69% of eligible properties were ENERGY STAR certified. In addition, KRC had two office projects totaling approximately 1.1 million square feet, 237 residential units and 96,000 square feet of retail space under construction. The company also had one office project in lease-up encompassing approximately 377,000 square feet. More information is available at http://www.kilroyrealty.com.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, headquartered in Summit, N.J., is a leading national solar development and asset management company. Nautilus focuses on acquiring, developing, executing and managing distributed and utility-scale generation solar projects throughout North America. Over its 10 year history, Nautilus has invested in over 125 MW of solar projects located throughout the United States and Canada. Nautilus is minority owned by Virgo Investment Group, LLC. Join Nautilus on LinkedIn and Twitter and visit www.nautilussolar.com for more information.
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