05 Jul Stonegate Announces the Completion of a 1,070 kW Solar Energy System and Greening of Industrial Building in Framingham
FRAMINGHAM, MA—July 5, 2018— Stonegate Group, a real estate developer with residential and commercial properties in Massachusetts, has installed a 1,070 kilowatt (kW) solar energy system atop its 92 Blandin Avenue property. Albireo helped facilitate the project and the sale of the Net Metering Credits generated by the project to HallKeen Management for use by two of its Affordable Housing buildings in Massachusetts.
The industrial building at 92 Blandin Avenue was recently renovated and features approximately 147,773 square feet of commercial space. “The economics of Solar energy on the roof are terrific,” says Sean McGrath, President of Stonegate Group, “and we’re very happy about being able to provide renewable energy resource to Affordable Housing buildings that cannot go solar otherwise.”
“The array definitely helps set us apart from other properties in the area,” McGrath said. “It’s also an advantage to let potential tenants know that the solar array offsets the carbon footprint of 199 cars commuting to work.”
In addition to providing renewable energy resource for HallKeen’s Affordable Housing buildings, Stonegate is now able to take advantage of state and federal tax and financial incentives, including Solar Renewable Energy Certificates (SRECs), which are financial incentives based on the amount of solar energy a system generates. Electrical utility providers in Massachusetts purchase SRECs to help them meet their state-mandated goals which require that a percentage of their power comes from renewable energy sources.
“Stonegate has been very forward-thinking in its decision to include solar in the renovation plans of this and other properties,” said Bill Riordan, President of Albireo. “Albireo is happy to be able to assist Stonegate’s team to help evaluate, procure and realize this and other solar investments across its portfolio.”
“The 1,070-megawatt solar rooftop system will generate 1.34 MWHs/yr. of clean energy every year and an estimated 31.53 MWHs of clean energy over the life of the system,” said Riordan.
“Two of HallKeen’s largest Boston Affordable Housing assisted living buildings will benefit greatly from the Net Metering Credits generated by the site over the life of the system,” says Jesse Curll, Senior Asset Manager of HallKeen Management. “These two assets would never have been able to take advantage of energy cost savings from solar programs in Massachusetts otherwise.”
“With this and other properties, solar is but one example of how Stonegate Group is combining its established real estate expertise with the importance of increasing solar energy in the Commonwealth,” McGrath said.
Funding for the project was provided by Middlesex Savings Bank.
Stonegate Group, a leading developer and manager of residential and commercial properties, owns and manages more than 500 residential units and over 500,000 square feet of commercial space throughout the MetroWest area. Stonegate has been a leading provider of rental housing for more than 30 years. For more information, visit www.stonegatellc.com or call 508-655-1700.
HallKeen Management is a leading property management company with over 27 years of experience in multi-family, assisted living and mixed-use properties. HallKeen’s current portfolio includes over 9500 units and employs 1000 employees. The company manages properties in the states of Connecticut, Florida, Maine, Maryland, Massachusetts, New Hampshire, New York, North Carolina, Rhode Island, Vermont and Virginia. Half of the portfolio is HallKeen managed and owned; and half of the portfolio is under 3rd party management contracts.
Albireo is an Energy Brokerage firm that specializes in sourcing deregulated energy contracts for its national C&I customer base. Albireo’s mission is to be the efficiency hero, optimizing its customers’ energy spend through energy procurement and management. Albireo’s customized consultation helps customers drive operational, cost and time efficiencies by managing energy consumption and spend with state-of-the-art monitoring, tracking and analysis. Albireo currently serves more than 33,000 commercial accounts and is endorsed by city governments such as Boston and Philadelphia for energy buying aggregations.
Albireo takes a hands-on approach to the evaluation, selection, procurement, and support of renewable projects and contracts, partnering closely with customers and providing strong market insight to optimize investments and savings while creating a positive impact on the environment.
For more information, visit https://albireoenergy.com.