Hybrid Financing Pays for Multifamily Energy Retrofit
The New York City Energy Efficiency Corporation (NYCEEC) and Urban Greenfit completed a $7.4 million energy efficiency and cogeneration project at Roosevelt Landings, a 1,003-unit residential development built in 1975.
Unique financing was provided by NYCEEC alongside incentives from the New York State Energy Research and Development Authority (NYSERDA), Con Edison and the US Treasury Department.
Working together with energy services company Urban Greenfit, NYCEEC structured an energy services agreement to fund the efficiency measures, combined with a power purchase agreement (PPA) for the cogeneration.
NYCEEC provided $4.5 million of debt financing. In addition, NYCEEC and Urban Greenfit worked with Fannie Mae, which holds the mortgage on Roosevelt Landings, to accept the transaction as a new financing approach in the multifamily sector that enables clean energy improvements.
The project includes the installation of energy efficient boilers, a 300 kWh combined heat and power plant and various energy efficient measures. The project is expected to reduce energy consumption at the building by at least 20 percent and provide back-up electricity for critical systems.
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