PALM DESERT, Calif., July 15, 2025 (GLOBE NEWSWIRE) -- PearlX, an energy infrastructure and capital partner to multifamily owners and developers, today announced the acquisition of a 977-kilowatt solar energy system at Millennium Apartments, a newly constructed 330-unit multifamily community located at 74699 Technology Drive in Palm Desert, CA. Previously owned by Aspen Power, the system’s acquisition underlines PearlX’s ongoing dedication to expanding solar solutions for multifamily owners, developers, and operators.
PearlX worked closely on this deal with Metonic, a Midwest-based real estate investment sponsor that owns more than 75 properties, including Millennium Apartments, and manages $1.2 billion in AUM across 26 markets.
“PearlX is proud to partner with Metonic on this solar system acquisition,” said Pete Mendonez, Co-Founder and Chief Operating Officer of PearlX. “I am continuously excited to see the momentum we are building. Not only is PearlX helping multifamily developers, owners and landlords realize the value in adding solar to their communities, we also have deep asset management capabilities and the capital to move fast when opportunity presents itself.”
“Knowing PearlX will be managing and maintaining this crucial solar system brings meaningful, long-term value to our development and operational teams," said Kassie Inness, President of Metonic. “We are excited to be working with the energy experts at PearlX to help us boost NOI, lower resident energy costs and increase property value over the next 30 years.”
The solar system will provide power to all 330 units as well as the property’s shared amenities and common area spaces. Expected to be installed and fully operational by Q4 2025, the system also includes shaded solar carports – a highly desired amenity in the desert climate of Palm Desert – and complies fully with California’s Title 24 solar mandate requirements.
About PearlX
PearlX helps multifamily owners, investors, property managers, and residents maximize the financial benefits of sustainable energy. As a long-term partner to multifamily properties, we deliver and maintain smart, on-site solar infrastructure and sustainable amenities like EV charging, carports, battery storage and security lighting. Through a long-term lease, PearlX provides the capital for sustainable systems that boost NOI, increase property value, and future-proof multifamily properties against rising energy costs and regulatory shifts. Backed by Antin Infrastructure Partners and Lombard Odier, PearlX deploys capital to fund its sustainable systems on multifamily assets nationwide. To learn more about PearlX, visit: https://pearlx.com/
Media Contact
Caroline Thompson
Vice President, Akrete Communications
caroline.thompson@akrete.com
(847) 440-4831
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ea21c16-70fc-431e-a6ca-c9962004811b
