MetLife Investment Management (MIM) has signed an agreement with DSD Renewables to install a 2.2-megawatt solar project and 510 kWh Battery Energy Storage System at Intersect, a creative office campus in Irvine, on behalf of owners PGGM and MetLife. The four-building rooftop and car canopy solar project will generate more than 3.5 million kWh of clean energy annually, enabling approximately 74% of Intersect’s required energy to be produced onsite.
Property owners expect the new solar project to be the largest of its kind for an office campus in Orange County. MIM and PGGM acquired the campus from Hines in 2022 for $235.2 million.
“We recognize the role buildings and responsible real estate investing can play in improving workplaces and communities while positively impacting the environment,” said Jim Landau, head of ESG, real estate and agriculture, MIM. “The Intersect solar project advances our commitment to supporting and financing solutions that drive progress toward a low-carbon economy, manage risk and create sustainable investment returns.”
Added PGGM investment manager Eugene Philips, “Installing solar on properties where it makes financial sense, fits perfectly with PGGM’s focus on sustainable investment initiatives. A low carbon building, with resulting tenant benefits, will attract tenants and make the office campus futureproof – and is also a building block in making our real estate portfolio more impactful.’’