Diamond Properties Beefs Up Solar Portfolio

Posted by Joseph Bebon on July 26, 2016 No Comments
Categories : Projects & Contracts

Diamond Properties, a New York-based commercial real estate and management company, has announced the addition of three rooftop installations to its solar portfolio.

Located at its properties in West Nyack, N.Y.; Watertown, Conn.; and Danbury, Conn., the installations will allow tenants to benefit from solar energy while reducing their electric bills, according to Diamond Properties. Of the three projects, the West Nyack installation is the largest, at almost 2.5 MW.

Diamond Properties says the rooftop solar at the Watertown site is projected to offset 93% of annual energy needs of its current tenant, Shelter Logic, a manufacturer of shade, shelter and storage products. Similarly, at the West Nyack site, a 71% energy offset is projected for its tenants: Intercos, a cosmetics company, and PDI, a manufacturer of professional disposables, such as cleansing wipes. The property in Danbury, a La Quinta Inn and Suites, is projected to offset 18% of its annual energy needs with the newly installed solar.

“I don’t think that tenants choose a building just because it’s got solar power, but I think when they’re evaluating their options, and all things being equal, a green building is always appealing,” comments Jim Diamond, CEO of Diamond Properties.

Diamond Properties worked with New York-based Safari Energy LLC to develop and construct all of the projects. The three sites were strategically selected for their large, unshaded roofs, high electricity rates, and the availability of state solar incentives.

“The systems are actually generating a little bit more power than what was projected by the financial models,” notes Diamond. “It is exciting when the actual results outperform the financial model by a few percentage points.”

Diamond Properties says it is committed to sustainable business practices and plans to continue growing its renewable energy portfolio. The company picked an arbitrary goal of 10 MW of solar and now has about 7 MW installed.

“We’re 70 percent of the way there, and once we pass that, I’m sure we will set a different goal for ourselves,” says Diamond. “What I’m generally trying to do is to get the largest percentage of our power consumption coming from solar across the portfolio. We’re working our way down the list from largest to smallest, and the West Nyack project is the largest one we have done so far.”

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