Morgan Stanley today announced completion of a solar facility at its Westchester, N.Y., campus that will produce approximately 1,000 MWh of electricity per year, offsetting approximately 5 percent of the building’s total electricity use and up to 25 percent during peak production. The project is the result of a collaboration between the Firm’s Corporate Services team and its Commodities Solar Desk, known as MS Solar.
“We are excited to add solar to the growing list of technologies and strategies we employ to minimize our impact on the environment, including lighting retrofits, equipment efficiency upgrades and full-building retro-commissioning,” said James Cullen, Vice President, Morgan Stanley Corporate Services. “The financial and environmental benefit of projects that reduce or offset our energy consumption ensures our ongoing commitment to investing in these technologies.”
The Westchester project was partially funded by Governor Andrew M. Cuomo’s NY-Sun initiative, which is substantially expanding the use of solar energy in New York State. Funding was provided through the New York State Energy Research and Development Authority (NYSERDA).
“Morgan Stanley’s solar project highlights the opportunity for large corporations under Governor Cuomo’s NY Sun initiative to reduce their energy costs while demonstrating their commitment to protecting the environment,” said John B. Rhodes, President and CEO of NYSERDA. “At the same time, this project expands New York State’s clean energy economy and increases the availability of clean, renewable energy, making it a model that we hope other corporations will follow.”
Additionally, MS Solar, a leading developer and financier of solar photovoltaic, or PV, projects in North America, is facilitating the development of more than 70 MW of distributed generation PV projects across the continent while providing financing opportunities and project advice for its partners and project hosts. Outside the U.S., MS Solar developed and financed 8.6 MW of solar power on commercial buildings in the Greater Toronto area.
MS Solar also rolled out the MySolar program in 2012, which provides funding for residential solar leases and works with major integrators of PV systems for homes in Arizona, California, Colorado and Hawaii.
“We are committed to providing solar solutions across the country and our MySolar and distributed generation programs reach a vast number of homeowners, business owners and municipal entities that wouldn’t otherwise choose renewable energy,” said Martin Mobley, Head of MS Solar. “We expect that MySolar will grow into one of the largest residential solar investment programs in the U.S.”
Morgan Stanley has a commitment to advancing environmental sustainability and social responsibility through its work with clients, partners and the communities in which employees live and work.
On November 1, CEO James P. Gorman announced the launch of the Morgan Stanley Institute for Sustainable Investing, which aims through product innovation, thought leadership and strategic partnerships to drive capital to investments that promote sustainable economic growth.
The Institute will build on Wealth Management’s existing Investing With Impact platform, which provides clients with a range of investment options across asset classes that offer social and/or environmental benefits along with the potential for risk-adjusted financial returns.
— Solar Builder magazine