Atlanta, GA-based Safeguard Self Storage is investing $6.5 million to equip 25 facilities in New York and New Jersey with solar energy.
Collectively, the solar installations will provide two-thirds of the energy for the facilities. Some facilities will get as much as 95 percent of their power from the sun.
Key Equipment Finance provided financing, and Trinity Solar is installing the systems.
Safeguard already has finished installations at three of the 25 facilities. The remaining systems are on track for completion in early 2015. In all, the systems will produce up to 2.6 megawatts of power.
Safeguard is expected to gain energy savings of $14.7 million over the 25-year life of the systems.
“We are completing a significant investment in our company’s future while preserving money for other important business needs,” said Mark Rinder, chief financial officer of Safeguard.
Safeguard Self Storage, owned by Morgan Stanley’s Prime Property Fund, operates self-storage facilities in Florida, Illinois, Louisiana, New Jersey, New York and Pennsylvania.