Solar installation for leading omni-channel pet retailer
PetSmart
W. P. Carey and PetSmart expand longstanding partnership with rooftop solar installation
- Tenant Description:
- The leading omni-channel pet retailer
- Transaction Type:
- Sale-leaseback* and follow-on rooftop solar system under tenant power purchase agreement (PPA)
- Location:
- Arizona
- Facility Type:
- Distribution facility
- Green Features:
- Roof-mounted solar system
In 2024, W. P. Carey partnered with longtime tenant PetSmart to install a roof-mounted solar system at a distribution facility in Arizona. Structured through a power purchase agreement (PPA), the project enables PetSmart to advance its renewable energy and operational efficiency initiatives while leveraging W. P. Carey’s expertise in financing and managing sustainability infrastructure projects.
The solar system became operational in 2026 and is expected to generate approximately 1.9 million kWh of renewable electricity annually, helping offset a portion of the facility’s energy consumption and supporting PetSmart’s broader sustainability objectives.
The project builds on W. P. Carey’s longstanding relationship with PetSmart, which began with the 2001 sale-leaseback of the 620,000-square-foot distribution facility.
The expected outcome:
- Offset approximately 20% of the building’s annual power consumption through renewable energy
- Provide greater long-term energy cost visibility through fixed PPA pricing
- Reduce the facility’s carbon footprint
- Support PetSmart’s ongoing sustainability and operational efficiency initiatives
The project is just one example of how W. P. Carey’s Carey Tenant Solutions platform can help tenants implement sustainability-focused infrastructure improvements aligned with their business and environmental goals.
The expected environmental impact of the solar system:
- Solar system size: 1,120 kW
- Anticipated annual power generation: 1.9 million kWh/yr
- Estimated annual carbon emissions avoided: 600 MTCO2e/yr