Risk Manager Will Warrant Energy Retrofit
Energi, a provider of risk management and insurance programs for the energy industry, will provide a warranty for energy efficiency retrofits at the Kuakini Medical Center in Honolulu, Hawai’i. Metrus Energy, an efficiency services financer, will finance and implement $5.8 million in energy upgrades at the medical center, including a new central cooling and heating plant, lighting upgrades and energy management and controls system.
Acceptable risk is an obstacle to financing many efficiency projects. Metrus will fund initial costs to construct, maintain and monitor the energy-saving improvements through its Efficiency Services Agreement. Kuakini will pay Metrus for realized energy savings once the project becomes operational. Upon completion in September, Kuakini will achieve annual cost savings of more than $1 million. Metrus has partnered with Energy Industries Corporation for project installation and ongoing maintenance, and New Resource Bank as their debt financier. Energi’s Energy Savings Warranty (ESW) will backstop the project performance guarantee offered by Energy Industries to Metrus.
Energi’s Energy Savings Warranty (ESW) program is written through the International Insurance Company of Hannover.
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