A joint venture between AXA IM Alts and Cabot Properties has completed a 3.7-megawatt community solar project on the rooftop of an industrial building in Somerset, N.J.
The project is AXA IM Alts’ first dedicated solar project in the United States and is in line with its broader responsible investment strategy, which targets decarbonization, resilience against climate issues and creating and enhancing value across its assets.
The new solar system will provide low-cost renewable energy to local businesses and homes, with the installation enabling the offset of more than 3,250 tons of carbon dioxide per year, equivalent to the annual energy consumption of 411 households. As part of New Jersey’s Community Solar Program, the 8,243 panels installed through the project will power around 740 homes in the community, 375 of which are low-to-moderate income. Each of these homes will receive a 21 percent discount to its utility bill as a result of the installation, equating t
