The Real Deal New York

Stuy Town goes solar: Roughly 10K solar panels coming to apartment complex

November 08, 2017 10:00AM

Stuy Town

Solar power is heading to Stuy Town.

Blackstone Group and Ivanhoé Cambridge, which teamed up two years ago to buy Stuyvesant Town and Peter Cooper Village for $5.3 billion, will spend more than $10 million to bring almost 10,000 solar panels to the rooftops of 56 buildings in the apartment complex, according to the Wall Street Journal. The panels will supply enough power for roughly 1,000 apartments each year.

Blackstone says it has generated about $100 million in value from energy cost saving projects so far, although the solar power effort is unlikely to give the company a strong return on investment given the cost of installing panels on buildings and the amount of power they produce.

Mayor Bill de Blasio—who was just reelected on Tuesday—set a goal for the city earlier this year to install 1 gigawatt of solar capacity by 2030, which would enable it to power 250,000 homes.

Blackstone president Tony James recently said in his company’s quarterly earnings media call that he still sees plenty of opportunities in U.S. real estate.  [WSJ]Eddie Small