Standard Solar gets creative to finance this 18-rooftop, multi-state solar portfolio for Iron Mountain Inc.
Storing data and information is among the most important functions of our world right now, and Iron Mountain Incorporated is one of the top solutions provider in the space. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across more than 1,450 facilities in over 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.
And now a big part of this effort will be supported by renewable energy thanks to a unique deal structure provided by Standard Solar.
“The magnitude of this multi-state, multi-site project required Standard Solar’s extensive knowledge of state and regional energy management programs and policies, market changes and more to ensure Iron Mountain could implement as much solar as possible at each location,” said Shaun Laughlin, Head of US Strategic Development, Partnerships, Project Finance & Acquisition, Standard Solar. “Vital to the success of this portfolio were our partnerships―combined we are a powerful force helping Iron Mountain take significant steps toward its goal to offset power consumption through renewable energy sources.”
Iron Mountain will add 18 rooftop solar arrays in five states totaling 5 MW. Standard is financing and will own and operate the projects as part of a long-term development partnership that will bring additional capacity online. The first project in the portfolio, a 511-kilowatt rooftop array at an Iron Mountain facility in Connecticut, is expected to be fully online by the end of February.
Arrays will be built on Iron Mountain operation centers in California, Connecticut, New Jersey, New York and Maryland, and contribute to the company’s mission to obtain local, reliable, cost-effective, 24/7 renewable energy solutions to meet its RE100 goal of 100 percent renewable electricity for global operations.
“On-site solar is one of several important parts to our sustainability portfolio solution set designed to obtain local, reliable, cost effective, 24/7 renewable energy solutions to meet our corporate RE100 and Science Based Target goals,” said Dan Anninos VP Global FM and EM Project Delivery for Iron Mountain.
To both maximize and optimize the amount of renewables implemented for Iron Mountain, this portfolio of projects required a holistic approach. Standard Solar’s strategy, in partnership with CBRE and OnSwitch, included on-site systems, exploring remote/virtual net-metering options, community solar structures and more.
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CBRE, the world’s largest commercial real estate services and investment firm, played an important role in bringing this project together. They support their real-estate clients, like Iron Mountain, in achieving sustainability goals in the buildings that they are helping to manage. Standard Solar’s national presence, with projects financed in more than 15 states, allows CBRE to target a wider geographic footprint for their clients’ sustainability goals.
“Through our partnership with Standard Solar, we have been able to build a holistic program that allows Iron Mountain to seamlessly install on-site solar in multiple states. This program is helping Iron Mountain progress towards meeting their environmental goals of RE100 and the Science Based Target Initiative in a cost effective and simple to implement method,” said Lauren Fitch CBRE Energy Manager for Iron Mountain.
Standard Solar also partnered with OnSwitch, whose patented AI-powered SkyQuotes platform makes it simpler for solar developers and building owners to evaluate, buy/finance and install commercial solar energy solutions at a guaranteed lowest price, to help maximize cost savings for the projects.