NEW YORK, July 09, 2024 (GLOBE NEWSWIRE) -- Perch Energy (Perch), a clean energy technology platform and community solar servicer, and Nuveen, a leading global investment manager and one of the nation’s largest owners of affordable housing, today announced a campaign to offer thousands of low-and moderate-income residents in Nuveen’s properties access to community solar and substantial discounts on their electricity bills.
In October 2023 the Private Equity Impact team at Nuveen, the $1.1 trillion asset manager of TIAA, committed $30 million in Series B equity to Perch and since investment, has worked closely with both Nuveen’s affordable housing team and Perch to pioneer a strategy to bring community solar to low-income households at scale.
The campaign has begun enrolling 1,700 units, home to an estimated 5,000 residents from seven properties across The Bronx, Brooklyn, Queens, and Manhattan, through special events and lease renewals. Nuveen owns and maintains over 15,000 affordable housing units in NYC alone.
This partnership underscores Nuveen's commitment to sustainability and enhancing the living standards of its residents, who can expect up to 20% savings on their monthly electricity bills after signup. The initiative will also mean that cost savings from community spaces can be re-invested in additional environmental performance projects across Nuveen’s affordable housing portfolio, such as LED lighting replacements and low flow fixtures.
“We are excited to bring community solar and meaningful savings to Nuveen’s affordable housing residents in NYC. Our investment in Perch is emblematic of our focus on investing in companies that can leverage the broader Nuveen platform to drive an equitable transition to a low carbon economy,” said Radhika Shroff, Managing Director at Nuveen PE Impact.
As a firm dedicated to environmental stewardship and social responsibility, Nuveen is excited to partner with Perch Energy to bring the benefits of community solar to our residents, including reducing monthly electricity bills, freeing up those funds for other necessities" said Jason Acosta, Head of US Asset Management – Impact Investing at Nuveen Real Estate. "This initiative not only elevates the lives of residents at our affordable housing developments, but will enhance the breadth of sustainability initiatives across the investment portfolio.”
“We’re incredibly excited to partner with Nuveen to deliver thousands of New Yorkers access to significant cost savings on a major expense like their electricity bill,” said Bruce Stewart, CEO of Perch Energy. “This effort will bring at least one bill down for working families, especially at a time when the cost of everything else is rising. Community solar is making good on the promise that solar can benefit everyone, including renters and not just those with the resources to install solar panels on their roof.”
Perch’s new community solar capacity under management has increased by 133% since 2021 in New York alone, with the company currently managing over 150 solar farms nationwide. Each MW of capacity Perch manages in New York is enough to subscribe 280 average households.
The New York campaign is the first step in bringing lower electric bills to affordable housing residents and renters in every state with a community solar market.
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 31 March 2024 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
About Perch Energy
Boston-based Perch Energy is an industry-leading community solar servicer that’s helped renters, homeowners, and businesses save nearly $30 million cumulatively in total energy discounts since its founding in 2021. Recognized as a 2022 “Company of the Year” in The Cleanie Awards®, Perch’s clean energy technology platform makes it easy for businesses, municipalities, residential customers to sign up for community solar and save. Perch offers a suite of services to solar farm developers and owners to maximize the ROI of their assets, from customer acquisition, onboarding, lifecycle management, and billing, to regulatory and policy expertise for navigating community solar program rules. Perch is the largest pure-play community solar servicer in the U.S. To date, Perch has provided services for solar projects which have generated over 1.7 billion kWh of power across Massachusetts, New York, New Jersey, Maine, Maryland, Minnesota, and Illinois—with expansion plans into Colorado, New Mexico, California, Michigan, Ohio, and Pennsylvania. For more information, please visit www.perchenergy.com.
Media Contact:
FischTank PR
perch@fischtankpr.com
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