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Energy Savings Performance Contracts

The federal government is the largest single energy consumer in the United States. In an effort to reduce energy consumption at federal facilities, energy policy acts (EPACT) and Executive Orders 13123 (1999), 12423 (2005), 13423 (2007), and 13514 (2009) have called for an annual 3 percent reduction and cumulative 30 percent reduction in energy intensity by 2015 (from 2003 baseline levels). Energy savings performance contracts (ESPCs) help facilitate the achievement of these goals by allowing federal agencies to implement an assortment of energy efficiency improvements without an up-front capital investment or any additional congressional appropriations. 

Bostonia pioneered the use of credit structures in the first securitization of an ESPC for a U.S. Army facility, and was the first to:

  • receive a rating for an ESPC transaction from a rating agency
  • bring a pool of ESPC contracts into the capital markets
  • fund energy related transactions denominated in foreign currencies
  • apply capital market techniques without the need for corporate guarantees

Since the mid 1990’s, Bostonia has raised over $1 billion in financing for ESPCs. The ESPC mechanism gained permanent reauthorization, as directed by the Energy Independence and Security Act of 2007 (EISA). As of March 2010, 550 ESPC projects worth $3.6 billion were awarded to 25 federal agencies and organizations in 49 states and the District of Columbia.

 

Service Provided By:

Bostonia Partners & Bostonia Global Securites

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Relevant Case Study
Yokosuka Naval Base, Japan

Yokosuka Naval Base, Japan

ESPC financing of 39 MW cogeneration facility. $101,794,000 financing.

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