Investment Example: 16.9 MW dc commercial and industrial (“C&I”) solar rooftop operating system in the Port of Los Angeles, CA. System built on four flat rooftops on four massive distribution centers. System construction was fully financed by 100% system owner True Green Capital (“TGC”). Based on production, we believe this is the largest C&I rooftop facility in the world.
Social Responsibility: The offtaker is motivated to fulfill the City of Los Angeles’ mandate to achieve 50% renewable energy production by 2030. As note, TGC and the City are proud to employ veterans, local and union employees in the building of the projects.
Origin of Opportunity: TGC originated this opportunity through its relationship with one of our private tax equity partners and privately negotiated the transaction.
Host Business Type/Offtaker: Los Angeles Department of Water and Power (“LADWP”) is the off-taker under a 20-year power purchase agreement (“PPA”). LADWP is the primary contributor to the City of Los Angeles mandate to achieve 50% renewable energy production by 2030. LADWP buys power at a lower price than the cost to produce solar in the desert and transmits it to downtown LA.
Host and/or Project as an Employer: The project was initially developed with a local development partner, PermaCity Solar who partnered with the non-profit EmPower America, bringing jobs for veterans to the area. The project trained and employed veterans in the building of these landmark facilities. Additionally, the project used union labor through IBEW Local 11. All told the Westmont Solar project employed 300 local workers and 50 veterans over its 10 months of construction.
Savings: As part of the transaction, Blackrock got a new free roof and lease payments for a period of 20 years.
Exit: This asset was part of our Fund III portfolio which was sold to Altus Power, Inc in December 2022 (see more information here)