Stuyvesant Town

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Stuy Town

Solar power is heading to Stuy Town上海千花网龙凤论坛


Blackstone Group and Ivanhoé Cambridge, which teamed up two years ago to buy Stuyvesant Town and Peter Cooper Village for $5.3 billion, will spen爱上海同城论坛

d more than $10 million to bring almost 10,000 solar panels to the rooftops of 56 buildings in the apartm上海龙凤论坛

ent com上海千花网

plex, 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 proj上海贵族宝贝论坛

ects 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

Tags: blackstone group, ivanhoe cambridge, solar panels, stuyvesant town
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