Universal Management and FTE Solar LLC form joint program of solar facilities

Newton, MA Universal Management and FTE Solar LLC completed an agreement on a joint program of solar generating facilities on Universal’s residential properties in Mass. Under the agreement, FTE Solar will rent roof space from Universal where it will install and operate solar arrays. Power generated will be sold by FTE at a discount to utility rates, with Universal having the chance to be one recipient of the discounted power. The two parties noted that the first installation will begin immediately at Stoneybrook Village, a Universal property located in Millis, Mass.

The two companies said they expect the 9 building Millis property to be operational by the end of 2015 and said that design work has already commenced at additional Universal locations with the intent of bringing other solar arrays on line in 2016.

“We are ecstatic to be participating in the new wave of clean power generation-it’s a win/win,” said Stuart Levey, Universal’s president.

“Universal is committed to the use of renewable resources and environmental sustainability. We strengthen our NOI at the same time we contribute to reducing power generated by burning fossil fuels,” said Barbara Tyrrell, Universal’s CFO/COO.

John Godfrey, managing member of FTE Solar, described Universal as an especially apt partner for FTE’s solar program, “Our model is pretty simple”, said Godfrey, “We need solar-exposed space for solar equipment. To get this we provide payments to building owners and rent a previously under-utilized resource—their roofs. We can feed some of our power back to building owners, which we will do with Universal.”

Universal Management, headquartered in Newton, owns and manages over 1,200 market rate apartments in the Greater Boston area including Rhode Island.

FTE Solar, of Lincoln, Mass., owns and operates solar arrays on various leased rooftops in Massachusetts.