On June 27, 2014, the New York City Energy Efficiency Corporation (NYCEEC) and Urban Greenfit announced the completion of a $7.4M clean energy retrofit project at Roosevelt Landings, a 1,003-unit residential development built on Roosevelt Island in 1975.  The project, involving energy efficiency and cogeneration, includes a deep energy efficiency retrofit with energy efficient boilers, a 300 kWh combined heat and power plant, and several energy efficient measures to save energy and enhance resident comfort.  It is expected to provide back-up power for critical systems, reduce energy consumption by at least 20 percent, and reduce emissions by 750 tons each year.

NYCEEC provided $4.5M of debt financing alongside incentives from NYSERDA, Con Edison, and the U.S. Treasury Department.  NYCEEC had a significant role in structuring an innovative financing model – not typically applied for multifamily buildings – facilitating substantial future energy savings.  The financing structure included an energy services agreement to fund efficiency measures and a power purchase agreement for cogeneration…

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