Madison Development Enters into Agreement with Altus Power for Rooftop Solar Project

Dec 6, 2017 | News

Madison Development LLC, a Manhattan-based developer of flagship self-storage projects in the New York City metro area, has entered into a 25 year solar site rooftop lease agreement with Altus Power America, Inc., a leading renewable solar generation firm to allow Altus to build a 630 kW DC community solar project at Madison’s 100,000 square foot self-storage facility located at 1260 Zerega Ave, Bronx, New York.
The project is funded by Connecticut-based Altus Power America, Inc., who will serve as the long-term owner/operator of the community solar project. Altus currently owns and operates approximately 90 MWs of solar PV projects across the US, including 12 MW of operational community solar projects in Massachusetts with over 400 local residents and businesses benefiting from the purchase of local renewable energy.
Tom Athan, President of Altus Power America, Inc., said, “This rooftop solar project is exactly the type that the State of New York has encouraged for the five boroughs. The large rooftop now generates a new stream of lease revenue for the building owner as well as clean energy that saves money for, and is used by, the residents of New York. Altus looks forward to working with other building owners in the Con Edison service territory on similar projects.”
UGE International is the developer, contractor, and builder for the solar project. The solar project will be installed over the next nine months and will produce over 750 MWh of clean energy annually offsetting around 570 tons of carbon dioxide.
After UGE installs solar on the rooftop, the energy produced by the solar project will be sold by Altus directly to residential customers in the local community.
At the time of installation, this solar project will be the largest community solar system in New York City. Community solar allows members in the Bronx community to share the benefits of clean solar energy without the burden of installing solar panels on their homes or apartment buildings.
“We are thrilled to have Altus as a long-term tenant at our storage property and allow them to offer a substantial community benefit of providing clean power to our neighbors and clients,” said Adam Gordon, president of Madison.
“We are very pleased to have UGE serve as developer and EPC for this landmark community solar project in NYC,” said Matt Dicker, a partner of Madison Development.

About Madison

Madison Development LLC is an experienced, New York City-based developer of institutional grade self-storage facilities. Madison’s current storage portfolio totals over 620,000 square feet in the Bronx, Brooklyn, Manhattan and Queens.

About Altus Power America, Inc.

Altus Power America, Inc. is a Greenwich, Conn. based company that invests in, owns and operates clean energy projects that provide renewable energy and solar savings to commercial and public sector clients. Altus is funded by Goldman Sachs, Global Atlantic Financial Group and FS Investments (sub-advised by GSO Capital Partners, a Blackstone Group company). Visit to learn more.

Latest news

Altus Power, Inc., a Market-Leading Clean Electrification Company, Upsizes Senior Funding Facility to $503 Million and Reduces Cost of Capital, Supporting Growing Portfolio of Commercial and Industrial Solar Projects

September 7, 2021   GREENWICH, CT - Altus Power, Inc. (“Altus Power” or the “Company”) today announced that it has increased the size of its investment grade senior funding facility to $503 million and reduced the facility’s interest rate, while also extending...

read more

Altus Power, Inc., a Market-Leading Clean Electrification Company, Announces Business Combination with CBRE Acquisition Holdings, Inc.; Combined Company Expected to Be Listed on New York Stock Exchange

Transaction to generate gross proceeds of approximately $678 million to the company, including a $275 million fully-committed common stock PIPE, anchored by CBRE Group, Inc. and existing investors, Altus Power management and Blackstone Credit, as well as new...

read more