The New York City Energy Efficiency Corporation (NYCEEC) and Urban Greenfit today announced the completion of a $7.4 million energy efficiency and cogeneration project at Roosevelt Landings, located on Roosevelt Island. It marked the occasion today with a power-on ceremony of a new cogeneration plant that was the final component of the project. Financing was provided by NYCEEC alongside incentives from the New York State Energy Research and Development Authority (NYSERDA), Con Edison and the US Treasury Department.

Roosevelt Landings is a 1,003-unit, mixed-income residential development built in 1975. The project includes a deep energy efficiency retrofit, including the installation of energy efficient boilers, a 300kwH combined heat and power plant and various energy efficient measures designed to save energy and increase resident comfort. The project is expected to reduce energy consumption at the building by at least 20 percent, provide back-up electricity for critical systems and reduce carbon emissions by 750 metric tons of pollutants each year. Reducing 750 metric tons of GHG emissions is equivalent to permanently removing 158 cars from the road.

“Conventional lenders are not focusing on energy efficiency as a valuable service to their clients. This leaves building owners without easy access to clean energy financing,” said the CEO of NYCEEC, Susan Leeds. “NYCEEC is changing that. We are leveraging our expertise and smart money to transform multifamily properties such as Roosevelt Landings into clean, high-performing investments.”

Working together with Urban Greenfit and Urban American, NYCEEC’s expertise was key to structuring an innovative financing structure—not typically used in multifamily buildings—that unlocked tremendous energy efficiency potential for Roosevelt Landings. An energy services agreement to fund the efficiency measures was combined with a power purchase agreement for the cogeneration. NYCEEC provided $4.5 million of debt financing. NYCEEC and Urban Greenfit also worked with Fannie Mae, who holds the mortgage on Roosevelt Landings, to accept the transaction and gain confidence in a new financing approach in the multifamily sector that enables clean energy improvements and improves property value…

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