Built in 1961, Lakeside Towers is a large three-wing, 13-floor residential complex in Bayside, Queens. Working with the project developer Strategic Finance Group and NYCEEC, the co-op financed a cogeneration system under a power purchase agreement (PPA) structure.
- Project type: Cogeneration
- Total project cost: $720,000
- Financial product: Power purchase agreement loan
- NYCEEC role: $420,000 loan
THE CLIENT CHALLENGE
The co-op sought a cogeneration system to generate efficient, affordable energy that could supplement existing utility-provided electricity and also power critical building infrastructure during utility grid failures.
THE NYCEEC SOLUTION
The building entered into a PPA with Strategic Finance Group to purchase electrical and thermal generation from a 125 kW Tecogen cogeneration system. NYCEEC provided a $420,00 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 grant from NYSERDA financed the majority of the project cost.
NYCEEC’s financing will reduce energy waste, save the building money and provide residents with significant resiliency benefits.
- Significant energy savings
- Increased predictability of energy costs
- Improved building performance and resiliency
- Minimal upfront project cost for owner