Located in Chester, Pennsylvania, the Sheraton Great Valley wanted to modernize building systems, reduce energy costs and improve guest comfort. The hotel sought technical expertise to oversee the project as well as a financing solution that would minimize upfront costs.
NYCEEC provided a $820,000 loan to fund Ecosave’s energy services agreement (ESA) for the Sheraton Great Valley.
- Project type: Energy efficiency
- Total project cost: $910,000
- Financial product: Energy services agreement loan
- NYCEEC role: $820,000 loan
THE CLIENT CHALLENGE
Like many properties in the hospitality sector, the Sheraton Great Valley’s operations consumed significant energy. The hotel owner identified some cost savings opportunities, but desired additional technical assistance to help with the project and flexible financing to cover any upfront costs.
THE NYCEEC SOLUTION
Partnering with NYCEEC, Ecosave structured a turnkey retrofit solution to Sheraton Great Valley using an ESA that guaranteed project performance. NYCEEC provided a $820,000 loan to fund the ESA. The project also leveraged $26,000 in utility incentives from PECO.
With the ESA in place, the Sheraton Great Valley began construction at no upfront cost and minimal project risk.
The Sheraton Great Valley is modernizing its property with new and more efficient equipment.
- Enhanced guest comfort
- Significant energy savings in an energy intensive sector
- Improved building performance and operations
- No upfront cost or no additional debt
- Demonstrates corporate commitment to environment
LED lighting, PTAC upgrades, variable refrigerant flow heat pumps, variable split unit upgrades, guest room temperature controls, DHW tank insulation, ozone laundry system
“NYCEEC’s financing solutions helped us and our customers. We can close more deals by approaching building owners with financing in hand. Our customers are achieving lasting energy savings and increased cashflow.”
– Marcelo Rouco | CEO, Ecosave (Project Developer)