56. Partner Spotlight: BXP, Inc. and Massachusetts’ First Net-Zero Solar + Storage Project at 140 Kendrick
Construction of our 142 kW rooftop solar project at 140 Kendrick St in Needham, MA.
At Sunwealth, we have always believed in the power of partnerships to drive the clean energy transition forward. Today, we are thrilled to highlight our partner, BXP, Inc., and congratulate them on their recent inclusion in TIME Magazine and Statista’s inaugural list of the World’s Most Sustainable Companies.
BXP was the highest-rated United States property owner on this prestigious list, a testament to their leadership in sustainability and innovation. The list features 500 of the world’s most sustainable companies, selected using an extensive evaluation methodology. You can explore the full list and criteria used here.
Leading the Way in Sustainability
BXP, the largest publicly traded developer, owner, and manager of premier workplaces in the United States, has consistently set the bar high for sustainability in the real estate sector. Their commitment has earned them numerous accolades, including Best ESG Program by Commercial Property Executive, ENERGY STAR Partner of the Year - Sustained Excellence Award, and the Leader in the Light Award by Nareit. BXP’s recent recognition by TIME and Statista further underscores their commitment to integrating sustainability into their overall strategy and operations. Their leadership not only inspires but also enables groundbreaking projects like the solar + storage initiative at 140 Kendrick.
A Milestone in Massachusetts: 140 Kendrick
Sunwealth’s low-income community solar + storage project at 140 Kendrick Street in Needham, MA, is a shining example of what can be achieved through strong, intentional partnerships. 140 Kendrick is a premier workplace campus developed, owned, and managed by BXP, encompassing three buildings (A, B, and C) and an amenities center. Building A has undergone an extensive retrofit by BXP to enhance operational energy efficiency and occupant comfort.
BXP’s extensive retrofit of Building A included full electrification, improved insulation of the building envelope (roof and walls), advanced energy recovery systems, and modernized mechanical systems. The centerpiece of this renovation is the on-site renewable energy generation, featuring a 142 kW rooftop solar array, a 1,238 kW solar canopy, and 680 kWh of battery energy storage. These systems collectively generate enough energy to ensure that 100% of the building's energy consumption is offset by renewable sources.
This comprehensive transformation has made Building A of the 140 Kendrick campus the first net-zero*, carbon-neutral office repositioning of this scale in Massachusetts, and we are proud to have been a key partner to BXP. Learn more about the repositioning in BXP’s 140 Kendrick Case Study.
Community Impact
Beyond the building itself, this project offers significant benefits to the local community. The parking lot canopy allocates half of the solar energy credits to local low-income residents at a 20% discount. To date, we have successfully enrolled 66 low-income subscribers, providing them with annual savings estimated at $29,105.34. Of these subscribers, 12 are from Cambridge, 9 from Dorchester, 8 from Roxbury, 4 from Springfield, and 4 from Chelsea. This initiative also supports various housing organizations, including Middlesex Human Service Agency (MHSA) and Centerboard join Heading Home and Caritas. Additionally, the construction of this project has generated nearly 48 job-years and will offset 20,500 metric tons of carbon emissions over its lifetime, resulting in over $1.1 million in savings.
Driving the Future of Clean Energy
BXP’s leadership and vision have been instrumental in making the 140 Kendrick project a reality. Their commitment to sustainability aligns perfectly with Sunwealth’s mission to drive an equitable clean energy transition. Together, we have not only developed a pioneering solar + storage system but also set a new standard for what workplace campuses can achieve in terms of sustainability.
As we celebrate BXP’s achievements and our successful collaboration on 140 Kendrick, we look forward to supporting many more buildings in achieving net-zero status in the future. By working together, we can build a more sustainable and equitable future.
If you are interested in learning more about solar tax equity investment opportunities and how they can support similar community solar efforts, please reach out to to Darreck Mitchell, VP, Director of Capital Markets.
*Net-zero for this project is aligned with the LEED Zero Carbon standard. LEED Zero Carbon recognizes net-zero carbon emissions from energy consumption and transportation through carbonemissions avoided or offset over a period of 12 months.
About Sunwealth
Sunwealth is a clean energy investment firm working to change who has access to renewable energy by changing the way we invest in it. Combining deep experience in solar development and finance with roots in community and impact investing, Sunwealth invests in commercial solar plus projects delivering clean energy and energy savings to communities while providing strong financial returns to investors and community partners. Since 2014, Sunwealth has invested over $204 million in more than 663 community-based solar projects across the nation, consistently delivering targeted returns to investors for nine years without defaults. For four consecutive years, Impact Assets named Sunwealth to its IA50, a leading list of impact fund managers; Environmental Finance awarded Sunwealth its 2023 Award for Innovation – Bond Structure (Social Bond) and named Sunwealth’s Solar Impact Fund its ESG Fixed Income Fund of the Year. Learn more at www.sunwealth.com.