Atlus Power and Trammell Crow Co Secure $600 Million Deal

Atlus Power Inc and Trammell Crow Co have secured a $600 million deal for the installation of solar panels on 35 million square feet of US industrial property. The deal is a sign that sustainability is becoming a growing concern of commercial property owners.

Co-Chief Executive of Atlus Co, Lars Norell has said that the company will install solar panels on properties in Tremmell’s development pipeline at a cost of $600 million, and make further investments in battery storage capacity, electric vehicle charging stations and other environmentally friendly technologies. Most of the clean power generated by Atlus will be sold to Trammell’s tenants at a discount from the grid price.

Atlus targets to install 300 megawatts of solar generating capacity at industrial properties that are being developed by Trammell by 2026.

According to energy-consulting company, Wood Mackenzie, commercial real estate is embracing solar panels at a slower rate than the residential sector. More than 4% of commercial buildings with at least 10,000 square feet of roof space have solar installations. This share is expected to grow to 5.7% in three years and 11.1% by 2030.

Almost 5% of owner-occupied, single-family US homes have solar panels. Solar installations are also expected to grow to 7.9% of residential properties in 2025 and 12.7% by 2030, the consultant estimates.