Commercial Solar That Generates Passive NOI Without Disrupting NNN Tenants
A site lease structure pays the property owner fixed annual rent for rooftop or parking access. Tenants are unaffected. The lease survives a property sale without complicating due diligence. The developer, EPC, and long-term operator are the same company for the full 20-year term.
- Site lease structure: fixed annual rent from idle rooftop space with zero impact on NNN tenant economics
- Same counterparty from PPA signing through year 20 — developer, EPC, and operator under one roof
- Portfolio-level modeling that underwrites property by property, not in aggregate
- No PE exit in year five. No servicer swap. No contract flip to a financier the GP has never met.
A quick note before you submit: Plankton Energy's development process is built around commercial-scale projects only. Properties with roofs under 10,000 sq ft or parking lots under 12,000 sq ft aren't eligible for our programs.
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We are not a good fit at this time. We only work on commercial projects with a rooftop size above 10K sq. ft. or parking lot size above 12K sq. ft.
Trusted by Leading Commercial Partners Nationwide
Pitched Dozens of Times. The Structure Was Never Right.
Investment-grade companies have been pitched commercial solar a million times. The pitches are not ignored because portfolio managers doubt the technology. They are ignored because every structure proposed either required fund capital, created a lien complicating future sales, or involved a counterparty designed to exit by year five.
Split Incentive Problem
Under NNN lease structures, traditional commercial solar PPAs create a subsidy to tenants while the landlord absorbs the contract complexity. The GP sees operational overhead with no NOI upside. Commercial solar becomes a cost center disguised as a sustainability initiative.
Lease as Toxic Lien
A 20-year commercial solar contract on the roof complicates property disposition. Prior site leases and PPAs have created title complications, extended due diligence timelines, and reduced buyer pools. Portfolio managers who have been through one bad sale do not repeat the mistake.
Counterparty Flip
PE-backed commercial solar platforms are structured to aggregate contracts and exit. The developer sells, a tax equity investor buys, a financier holds, and a servicer operates. Four counterparties over 20 years. The entity on the contract today is not the one operating the system in year five.
Site Lease: Passive NOI From Dead Roof Space
A site lease flips the commercial solar value proposition for NNN landlords. Instead of the tenant benefiting and the landlord absorbing the contract, the developer pays the property owner fixed annual rent for rooftop or parking access. Tenants are completely unaffected.
The developer installs and operates the commercial solar system. The power is sold to the utility, to local subscribers through community solar, or to the tenant directly. The property owner collects rent. The lease structure is clean enough to survive a property sale without complicating due diligence.
The critical question every investment committee asks: who is the counterparty in year 20? Most commercial solar deals involve four different entities over the contract term. Plankton develops, builds, finances, and operates. One counterparty. The GP can underwrite that without qualifications.
Most Developers
PE platforms: designed to exit. Counterparty changes by year 5. Contract complicates property sales.
Plankton Energy
Plankton: developer + EPC + owner/operator. Same counterparty for 20 years. Clean underwriting.
Operating Projects Structured for Institutional CRE
1,798 kW Hybrid System — PPA + Site Lease
972 kW Hybrid Rooftop + Parking Canopy
What Commercial Solar Site Leases Look Like by Market
Site lease economics vary by state incentive structure and utility territory. Here is what applies to CRE portfolios in the four states where Plankton's development pipeline is most active.
Massachusetts
SMART 3.0 incentives increase the value of the commercial solar electricity Plankton generates on the roof, which supports higher site lease payments to the property owner. Community solar credits can be sold to local subscribers, creating an additional revenue layer for the developer that underwrites the lease.
New Jersey
SuSI program revenue stacks on top of electricity sales, supporting competitive site lease rates across industrial and commercial portfolios. PSE&G and JCP&L territories have different interconnection dynamics that affect project timelines and lease economics.
California
NEM 3.0 net billing changes export value, which affects how commercial solar site leases are priced in CA markets. Behind-the-meter structures may produce better economics than community solar models depending on the tenant's consumption profile and utility territory.
Rhode Island
Virtual net metering allows community solar credits to be distributed to subscribers, which supports the developer revenue that underwrites site lease payments. REF grants can further improve project economics and lease rates for qualifying properties.
One Counterparty. One Underwriting Story. Twenty Years.
Every version of this pitch that an investment committee has seen involves a counterparty that will change. PE-backed platforms aggregate contracts and sell. Tax equity investors take the depreciation and exit. Servicers rotate. Plankton develops, builds, finances, and operates. The entity on the contract in 2026 is the entity operating the system in 2046. That is a structure a GP can underwrite.
Portfolio Assessment
Plankton's development team models each property individually — tenant structure, utility territory, roof condition, and disposition timeline. The output is a property-by-property financial model the investment committee can underwrite.
Site Lease or PPA Structuring
NNN properties receive site lease proposals. Gross lease properties receive PPA proposals. The structure is matched to the tenant economics of each building, not applied generically across the portfolio.
Construction + 20-Year Operation
Plankton builds each commercial solar system with an internal EPC team and operates it for the full contract term. No PE exit. No servicer swap. Same counterparty from term sheet through year 20.
Not Ready to Talk Yet? Take the 2-Minute Assessment.
Find out whether the property qualifies for commercial solar, what incentives apply, and whether the July 4 ITC safe harbor is still reachable.
30% ITC Safe Harbor: July 4, 2026
Under Section 48E, investing 5% of total project cost by July 4, 2026 locks in the full 30% federal Investment Tax Credit for a commercial solar project. Plankton's development team structures the safe harbor threshold so the property qualifies without rushing construction.
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