National Storage Affiliates Trust and Solar Landscape Announce New Agreement to Pursue Over 100 Megawatts of Rooftop Solar
Strategic Partnership Will Pursue 8.5 Million Square Feet of Commercial Rooftop Solar across 42 States and Puerto Rico
National Storage Affiliates Trust ("NSA" or the "Company") (NYSE:NSA) and Solar Landscape today announced they have entered into an agreement to pursue the installation of new solar capacity on rooftops across the Company's properties nationwide.
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NSA and Solar Landscape plan to develop at least 100 megawatts of solar capacity, which represents approximately 8.5 million square feet of rooftop space. NSA has granted Solar Landscape exclusive rights to evaluate approximately 1,000 of NSA's properties in 42 states and Puerto Rico for the potential to host community solar.
Under the partnership, solar installations on NSA properties' rooftops will power nearby homes and businesses at a discount through the innovative community solar model. In addition to delivering environmental benefits and lowering energy costs, the projects will create a more efficient electric grid by generating clean energy close to where it is used.
Development on the first sites in the partnership has already begun. The projects require no capital expenditure by NSA. Solar Landscape, will develop, own, and operate the projects and make a monthly lease payment to NSA.
David Cramer, NSA's President and CEO, commented, "This is an exciting step toward our corporate responsibility goals and demonstrates our commitment to building a more sustainable future. NSA has long been customer- and community-focused. This partnership will enable us to increase that value by generating clean energy at a discount for the households surrounding our facilities, while also generating value for NSA shareholders."
The companies have worked together since 2022.
"We look forward to working with NSA to install community solar projects on their self-storage facilities," said Solar Landscape CEO and Co-Founder Shaun Keegan. "Community solar is a win-win-win: it reduces the carbon footprint for communities, offers clean energy at a discount for residents and creates revenue for property owners."
Solar Landscape also introduces people in historically disadvantaged communities to careers in solar, creating the clean energy workforce of the future. Its nationally-recognized STEP-UP (Solar Training and Education Partnerships for Underserved Populations) program partners with dozens of organizations across the country, and has trained more than 2,500 individuals.
Last month in Chicago, Solar Landscape and the Hispanic American Construction Industry Association (HACIA) provided hands-on training to community members, building on a program that launched in 2023.
NSA's community solar projects will make the STEP-UP program's continued success possible.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of June 30, 2024, the Company held ownership interests in and operated 1,052 self storage properties located in 42 states and Puerto Rico with approximately 68.8 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company's website at www.nsastorage.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 1000 Index of Companies and the S&P MidCap 400 Index.
About Solar Landscape
Solar Landscape is the leading commercial and community solar developer in the United States. The company partners with the world's largest real estate companies to develop, install, and operate solar projects on commercial and industrial rooftops. Through the groundbreaking community solar model, households in surrounding communities can subscribe to receive solar power at a guaranteed discount. Solar Landscape has deployed more than 500 megawatts of renewable energy projects – totaling over $1 billion in capital investment – and leased 100 million square feet of commercial rooftops. The company was named the #1 Distributed Generation developer for 2023 by New Project Media and was awarded the U.S. Department of Energy's Community Solar Grand Prize. For more, visit www.solarlandscape.com.
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