Self-Storage REIT Extra Space Storage, Safari Energy Reach Solar-Power Milestone

June 7, 2018

2 Min Read
Self-Storage REIT Extra Space Storage, Safari Energy Reach Solar-Power Milestone

Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, recently surpassed 6.7 megawatts of capacity at 58 Extra Space properties across nine states, with the help of solar-power partner Safari Energy. Safari delivered 1.4 megawatts of capacity to REIT facilities through projects completed during the first four months of the year and is projected to complete a further 5 megawatts before the end of the year, according to a press release.

“Extra Space Storage has been a terrific partner over the course of dozens of solar-power projects, working with Safari Energy to unlock new revenue from existing properties,” said Matt Rudey, CEO of Safari Energy. “We’re best known for our work with leading commercial real estate owners, and self-storage is one of the many markets where Safari Energy has been successful in helping our clients capture incremental returns.”

“We are pleased that through our solar initiative we have been able to be good corporate citizens, while also creating value for our shareholders,” added Tim Arthurs, senior vice president of facilities for Extra Space. “Safari Energy has been a valuable and reliable partner for several years, and we look forward to additional future projects together.”

In 2011, Extra Space became a partner of the Environmental Protection Agency’s Energy Star program, with a goal of improving energy efficiency and fighting climate change through a strategic, corporate energy-management program. The company installed solar panels on 21 of its New Jersey facilities that summer as part of a nationwide agreement with 1st Light Energy, a company that specializes in commercial and residential solar-energy systems.

In 2014, the REIT partnered with Locus Energy, a provider of solar-panel monitoring and data analytics, to help manage the 150 solar-panel systems installed at Extra Space properties at the time. Twelve Extra Space facilities in Maryland earned LEED (Leadership in Energy & Environmental Design) Gold Certification in 2015.

Safari Energy specializes in solar-power deployment for large commercial customers. The company has completed more than 200 solar-energy projects since its founding in 2008. It’s part of the PPL Corp. group of companies.

Headquartered in Salt Lake City, Extra Space owns or operates 1,523 self-storage properties in 39 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 1.05 million units and 115 million square feet of rentable space.

Solar Power World, Safari Energy Delivers 6.7 MW of Solar Power to 58 Extra Space Storage Sites

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