Deal Spotlight
ESA and PPA Financing for Cogeneration and Insulation Upgrades in Multifamily Housing
$
0
M
ESA & PPA year 1 revenue
0
%
Year 1 Projected energy savings
0
%
Year 1 Projected GHG savings
The Building: Roosevelt Landings
Building type
Multifamily
Building size
9 buildings
1 M square feet
1,003 units
Year built
1969
Location
New York, NY
Project type
Energy efficiency and cogeneration
Upgrades
Insulation and cogeneration
NYCEEC loan product
ESA/PPA
Term
8 years
Closing date
November 2012
The Project
Roosevelt Landings wanted to upgrade outdated systems and improve the complex’s resiliency. The upgrades included cogeneration, whole-building air sealing, floor slab insulation, networked programmable thermostats and high-efficiency boilers.
Total Project Cost
$8 M
Other Sources
$3 M
NYCEEC Loan
$5 M
Annual Savings
$747,000
The Results
Project completed with no upfront cost to the building owners and no additional debt. The building cash reserves are preserved with ESA and PPA revenue exceeding projections. This project also pioneered the use of an energy services agreement in a multifamily building and is the largest multifamily air sealing project in NYC to date.