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Deal Spotlight

Power Purchase Agreement for Cogen System at Bayside Affordable Multifamily Housing

$ 0
Annual cost savings
0 %
Projected energy savings
0 %
Projected GHG savings

The Building: Lakeside Towers

Building type
Affordable Multifamily

Building size
1 building
336,200 square feet
313 units

Year built
1961

Location
Bayside, NY

Project type
Cogeneration

NYCEEC loan product
PPA

Term
11 years

Closing date
September 2018

The Project

The building entered into a power purchase agreement (PPA) with Strategic Finance Group to purchase electrical and thermal generation from a 125 kW Tecogen cogeneration system. NYCEEC provided a $420,000 loan to a special purpose entity owned by Strategic Finance Group to purchase and install the cogeneration system and associated equipment. This loan with a $201,000 NYSERDA incentive financed the majority of the project cost.

Total Project Cost

$720,000

Incentives

$201,000

Other Sources

$99,000

NYCEEC Loan

$420,000

Annual Savings

$89,000

Simple Payback Period

8.1 years

The Results

NYCEEC’s financing will reduce energy waste, save the building money and provide residents with significant resiliency benefits. It will provide for energy savings, increased predictability of energy costs, improved building performance and resiliency, and minimal upfront project cost to owner.