Architect of the Capitol, Washington D.C.
- $66 million UESC with Washington Gas to construct a cogeneration facility at the Architect of the Capitol in Washington, DC. The majority of the project was financed utilizing a $66 million securitization of the cash flow structure with assignment of contract payment from the government to the trustee.
- The project was funded pursuant to $100 million in savings over the 25-year contract term. The financing included a separate long term services agreement that helped to bifurcate the financing of the project from ongoing performance risk and provide the government with a lower interest rate and lower cost of capital.
- The financing was executed in the capital markets via private placement with institutional investors.
- The project features a 7.5MW dual-fuel fired combined heat and power plant that will use natural gas in a combustion turbine that will efficiently generate both electricity and heat for steam. The financing also included a switchgear, testing, training, and waste management requirements.
- The cogeneration facility will provide energy savings, reduce environmental impacts, and maintain a reliable source of chilled water and steam for the 23 facilities on Capitol Hill