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Energi Plays a Critical Role in the PACE Commercial Consortium for Initiatives in Sacramento and Miami - Dade County to Facilitate Funding for Energy Efficiency Upgrades in Commercial Real Estate and Create New Jobs
PEABODY, Mass. --(Business Wire)--
Energi, a Massachusetts based Industrial Reinsurance Company, has
announced its participation in the PACE Commercial Consortium (PCC).
Energi has played a critical role in the development of PACE financing
mechanisms that will unlock billions of dollars of private investment to
execute energy efficiency and renewable energy projects for US
commercial real estate.
The PACE Commercial Consortium was organized by the Carbon War Room, an
independent non-profit organization, founded by Sir Richard Branson to
harness the power of entrepreneurs to unlock solutions for climate
change. The PCC integrates an end-to-end solution that combines the
pioneering insurance partnership between Energi and Hannover Re, the
project management and engineering best practices of Lockheed Martin (News - Alert) and
the financial sophistication of Barclays Capital, all of which is
administered by Ygrene Energy Fund.
Today's announcement by the PCC highlights an immediate potential market
opportunity of $550 million in funding for the cities in Miami-Dade
County, Florida for investment in commercial and industrial real estate.
Experts assert the Miami - Dade County funding can generate up to $1.8
billion in economic activity. The Consortium sees the potential for an
initial $100 million market in the city of Sacramento, California to
stimulate an additional $530 million in economic activity. The
Consortium is confident these combined programs could stimulate $2.3
billion of economic activity and more than 17,000 jobs.
"We set ourselves the objective of moving an initial $1.5 billion
dollars of private capital into the energy efficiency markets by the
London Olympics 2012, with a view to opening up a global trillion dollar
market and reducing carbon at gigaton level," said Murat Armbruster,
Senior Advisor at the Carbon War Room. "Brokering the PACE Commercial
Consortium will help us get one step closer to meeting this target, but
more importantly, it is the missing piece in the jigsaw for many cities
looking to implement their green plans."
Energi and their strategic partner Hannover Re, the world's third
largest reinsurer, have jointly designed the Energy Savings Warranty
(ESW) Program. The Program aims to support the growth and development of
the energy efficiency and alternative energy industries through risk
mitigation via insurance. The coverage is underwritten through the
International Insurance Company of Hannover Limited, an operating
insurance company of Hannover Re, which maintains an A rating from AM
Best. The ESW program will manage the risk to project owners, efficiency
contractors and project financiers by insuring the energy savings
guaranteed by the contractors performing the retrofits.
"When the private sector creates jobs by reducing greenhouse gases,
America is stronger," said Massachusetts U.S. Senator John Kerry.
"This is a one hundred percent privately funded model that holds huge
potential and can prove that environmental progress doesn't hold back
economic growth, it empowers and enables it. This private sector
investment has tremendous potential for Massachusetts and the country,
and I'm glad that a Massachusetts company will play such a key role."
Energi intends to spearhead the effort to initiate growth and
development in the energy efficiency and renewable energy marketplace in
Massahusetts and the other New England states through PACE and
alternate financing mechanisms. To facilitate this process, Energi plans
to hold a series of symposiums, the first entitled Mobilize
Massachusetts, to educate key stakeholders about the benefits of
energy efficiency and renewable energy projects and the financing
opportunities.
Massachusetts and 27 other states currently have the enabling
legislation to initiate PACE projects. The Massachusetts Municipal
Relief Bill (HB 4877) authorizes local governments to establish an
Energy Revolving Loan Fund to provide financing to private building
owners.
"Energi recognizes the economic importance of our involvement in the
PACE Commercial Consortium. As a company headquartered in Massachusetts,
we are committed to assist in the implementation of PACE and other
financing opportunities by leveraging our existing relationships within
the energy industry to organize and educate the various stakeholders in
Massachusetts. We have found that lack of financing is the greatest
barrier to growth in this marketplace and opportunities such as PACE
enable property owners to benefit from increased real estate values,
occupants from lower utility bills and municipalities from local job
creation," states Energi's CEO Brian K. McCarthy.
Mobilize Massachusetts will be held at the end of October.
Event details will be announced by Energi in the next several weeks.
Energi Programs are offered directly or through a select network of
independent insurance agents and brokers, and is available in all 50
states. Contact Kevin Kaminski at (978) 531-1822 ext 304 or visit www.energi.com.
NOTES TO EDITOR:
About PACE
In place in California since 2008, PACE (Property Assessed Clean Energy (News - Alert))
enables municipal governments to tap private capital markets to finance
renewable energy and efficiency improvements for residential and
commercial properties such as solar panels, insulation and HVAC, which
reduce utility bills to more than offset the tax bill increase. The
program sees property owners benefit from increased real estate values,
occupants from lower utility bills and municipalities from local job
creation. Financed on a project by project basis, the program has so far
resulted in 2,800 projects worth $65 million in three states. Research
indicates this has contributed to $162 million in local economic impact,
creating 1,000 new jobs. The UK government recently announced plans for
the 2012 launch of a program similar to PACE, which could offer new
business opportunities to US firms in Europe.
About Energi
Energi is an Industrial Reinsurance Company that provides specialized
risk management and insurance programs to targeted sectors of the energy
industry. Energi is leading development and underwriting of innovative
insurance products to deliver critical protections for alternative
energy and energy efficiency warranties. These covers mitigate the
performance risk inherent in energy efficiency retrofits, commercial
solar projects, and alternative energy product manufacturing.
Contact: Kevin Kaminski: kkaminski@energi.com;
1-978-531-1822 x304
About the Carbon War Room
The Carbon War Room harnesses the power of entrepreneurs to unlock
gigaton-scale, market-driven solutions to climate change. Over 50% of
the climate change challenge can be addressed today - and profitably
-under existing policy and technology conditions. CWR seeks to
facilitate a better flow of capital to entrepreneurial solutions that
make economic sense right now.
Contact: press@carbonwarroom.com
About Ygrene Energy Fund, Inc.
In the spring of 2006 Dennis Hunter and Alan Strachan established the
Green Energy Loan program to bring private funding to the problem of
climate change. In the summer of 2008, California's landmark AB 811 made
possible a much better model in the form of Property Assessed Clean
Energy (PACE) financing. Almost immediately Palm Desert and Sonoma
County took advantage of the legislation to establish local programs.
Sonoma County's government funded SCEIP program, under the direction of
Treasurer Rod Dole (now a member of Ygrene's Board of Directors),
achieved singular success. Recognizing the potential for PACE and the
role private capital could play in its growth, Ygrene entered into
discussions with Barclays Capital to secure the sophisticated financial
partner that would provide the route to the bond market.. With strategic
and tactical partnerships in place around the country, Ygrene is now in
a position to offer no-cost PACE program design, administration and
funding to cities and counties throughout the U.S.
Contact: Alan Strachan: alan@ygrene-energy.com;
1-707-332-4456
About Barclays Capital
Barclays Capital is the investment banking division of Barclays Bank
PLC. With a distinctive business model, Barclays Capital provides large
corporate, government and institutional clients with a full spectrum of
solutions to their strategic advisory, financing and risk management
needs. Barclays Capital has offices around the world, employs 25,000
people and has the global reach, advisory services and distribution
power to meet the needs of issuers and investors worldwide. For further
information about Barclays Capital, please visit the Company's website www.barclayscapital.com
About Lockheed Martin
Headquartered in Bethesda, MD., Lockheed Martin is a global security
company that employs about 126,000 people worldwide and is principally
engaged in the research, design, development, manufacture, integration
and sustainment of advanced technology systems, products and services.
The Corporation's 2010 sales from continuing operations were $45.8
billion.
Contact: Liz Morse: Elizabeth.morse@lmco.com;
1-240-688-7835
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