The U.S. Environmental Protection Agency identifies 78% of Fortune 500 companies as Potentially Responsible Parties on at least one Superfund Site without regulatory closure. The average environmental liability for these holdings is $25.07 million.* These dormant sites represent lost opportunities to create shareholder value and demonstrate environmental commitment.
How it Works
The Brightfields solar development process for brownfields is a product of our team's combined experience with site remediation, real estate development, energy development and consensus-building. Since every contaminated site has its own history and circumstances, the Brightfields process begins with a framework of core steps — and then customizes an approach to the specific situation. It all begins with research — as our team first assesses the legal, insurance and physical requirements necessary for the brownfields remediation.
We next create a liability shield around the project working with our Renova Partners affiliate. Where necessary, this entails actually acquiring the property and all of its outstanding environmental liabilities — via an entity that directly manages the clean up, working with those institutions and government agencies that supervise brownfield projects.
Once a brownfields site is remediated, Renova typically leases the property under a long-term contract to Brightfields, which then develops and finances the solar installation. (This includes managing all necessary permits to qualify for federal and state incentives and securing an agreement with the local power company to send the electricity to the grid for local distribution.
We have built our reputation at Brightfields and Renova on successfully completing remediation projects. Our solar brownfields development team is accustomed to working with governmental authorities (at all levels) and executive teams at major corporations. Engaging Brightfields Development to assess your site is the first step towards a successful solar brownfields development partnership.
Former Aloca Bauxite Residue Disposal Area
East St. Louis, IL
Brightfields partnered with AMEC (LSE: AMEC) to develop an innovative capping solution to the former Alcoa (NYSE: AA) bauxite residue disposal area that would contain the impaired land while providing enough stability to support a solar array. When completed in Q3 2012, the project will be the first reuse of land contaminated with bauxite residue in America.
* Factors Influencing the Level of Environmental Liability Disclosure in 10K Reports. Carol Cox Leary, Ph.D., C.P.A., Assistant Professor, George Mason University School of Management. 4400 University Drive, Fairfax, VA 22030-4444.