NY Building Cuts Energy 29%, Uses 10-Year Financing Scheme
SCIenergy is finalizing a $3.6 million project at 125 Maiden Lane in New York City that is expected to cut energy consumption by 29.5 percent.
The project will be entirely paid for through energy savings via SCIenergy’s Managed Energy Services Contract (MESA).
Under MESA, the building’s owner – real estate firm Time Equities – will pay a fee equivalent to, or lower than, its historical utility bill for 10 years. In turn, SCIenergy and its partners take responsibility for the building’s energy; paying the owner’s actual utility bill, providing upfront costs, implementing upgrades, and continually enhancing operations through EnergyScape, SCIenergy’s cloud-based platform for reducing energy consumption.
MESA Green Strategies One, a joint venture of Mitsui USA and SCIenergy, provided the initial equity for the improvements while the New York City Energy Efficiency Corporation (NYCEEC) provided $2.8 million of debt financing. MESA Green Strategies One and NYCEEC will then earn a return through energy savings over the next 10 years.
Built in 1958, 125 Maiden Lane is a 320,000-sq-foot mixed-use building near Wall Street containing commercial office condominiums. The core systems had not been upgraded since it was built.
Among the upgrades, the 56-year-old steam system, formerly located in the basement, has been replaced with new fully condensing gas boilers located in a mechanical room on the upper floors far above potential flood areas. The new system is also about 95 percent efficient, which will eliminate losses associated with failed steam traps and leaks.
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