In late September, Cherry Street Energy will begin installing a 227-panel solar array on the roof of the Spanx Global Headquarters building to power operations within Jamestown’s Buckhead Village District.
Cherry Street Energy is an Atlanta-based company and one of the leading providers of on-site solar power in the Southeast. In late July, the company announced an agreement with Jamestown to install, operate, and maintain the property’s solar power infrastructure at 3035 Peachtree Road.
Essentially, Cherry Street Energy fully finances the project on the roof of the Spanx building and then sells the electricity produced to Jamestown, the development’s long-term property owner.
Corporate sustainability partners
Michael Chanin, founder and CEO of Cherry Street Energy, explained the mechanics of the green business partnership.
“Cherry Street funds, builds, and operates the infrastructure at Buckhead Village, allowing the property to gain on-site generation and a fixed electricity rate without deploying a dollar of capital,” Chanin said. “When one of the most respected names in real estate treats energy as essential infrastructure, it signals where the market is headed.”
The proposed system will generate more than 145,000 kilowatt-hours (kWh) of electricity each year, offsetting about 90 metric tons of carbon emissions annually. It would produce enough energy to power about 14 single-family homes a year. The carbon offset is the equivalent of burning 10,000 gallons of gasoline.
The Buckhead Village District is described as “a cosmopolitan fashion, dining, and lifestyle neighborhood in Atlanta featuring a wide range of retail, including first-to-market concepts and heritage brands, as well as acclaimed dining and wellness experiences.” It spans six city blocks around Peachtree, East Paces Ferry, and Pharr roads.
Cherry Street’s network of more than 225 solar energy systems supports customers across the Southeast, including Delta Air Lines, the Porsche Experience Center, the City of Atlanta, Fulton County, and Atlanta International School.
Mixed-use industry leader
Jamestown, a global real estate investment and management company, launched its sustainability program in 2008. The company’s announcement says it remains committed to integrating environmental, social, and governance (ESG) practices across its operations to “improve accountability and drive long-term impact across its portfolio.”
After exceeding its initial ESG goals, the firm says it has refined its targets, which now include achieving net-zero operational carbon by 2050 (from a 2018 baseline), cutting greenhouse gas emissions and energy use intensity in half by 2030, and hitting targets for waste diversion and water use reduction by 2050.
Carrie Denning Jackson, director of innovation and sustainability at Jamestown, said the installation is an important step toward the company’s emission-reduction goals across its portfolio.
“Projects like this demonstrate how strong partnerships can help us reduce environmental impact while enhancing the performance and resilience of our properties,” Jackson said. “We’re proud to work with Cherry Street Energy to bring this resource to the Buckhead neighborhood.”
