Deal Spotlight
PPA Financing for Cogeneration and Efficiency Measures in Manhattan Hotel
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Vehicles taken off the road
The Building: Millennium Broadway
Building type
Commercial
Building size
1 building
457,300 square feet
750 rooms
Year built
1988
Location
New York, NY
Project type
Cogeneration and energy efficiency
Upgrades
HVAC
NYCEEC loan product
PPA
Term
8.5 years
Closing date
March 2013
The Project
The Millennium Broadway is a large business and tourist-oriented hotel in the Theater District. The hotel wanted to install a new cogeneration system and other HVAC-related efficiency measures.
Total Project Cost
$7.8 M
Incentives
$1 M
NYCEEC Loan
$6 M
The Results
The hotel significantly reduced operating costs and improved building systems and guest comfort. The project used a power purchase agreement as a non-debt solution to install cogeneration and to upgrade building systems.