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NORESCO Chosen by Old Dominion University for $2.7 Million Energy Project to Save More Than $3.2 Million Over 15 Years

Business Wire, November 9, 2006 – WESTBOROUGH, Mass.--(BUSINESS WIRE)--NORESCO, a national leader in guaranteed energy savings programs, has been chosen by Old Dominion University to implement a 15-year, $2.7 million project for energy infrastructure improvements guaranteed to yield $3.2 million in energy savings.

The project calls for a range of facility upgrades to be funded from reductions in energy consumption. The majority of the investment is for energy efficient lighting systems and controls on campus and significant HVAC improvements in the Mills Godwin Building. Other significant improvements funded by the project include chiller upgrades in the Education Building and boiler upgrades in the Mills Godwin Building. These, combined with the remaining conservation measures, bring the annual energy savings to more than $162,000.

Randy Clark, Vice President and General Manager at NORESCO, says, “We are extremely pleased that NORESCO has been chosen to implement this project for ODU. We believe that the effort by University facilities staff over the past year, in working very closely with the NORESCO team, helped to prioritize and develop a customized group of projects that provide substantial energy savings, as well as much needed facility modernizations for the campus. These improvements are going to increase the efficiency of the campus and address some under-funded capital and deferred maintenance needs of ODU.”

NORESCO guarantees $3.2 million in energy savings over the term of the agreement. Through this performance contract, the University will use its energy cost reductions to fund improvements. The financial structure generally enables organizations like ODU to maintain campus services and improve facilities without capital budget outlay.

Dillard George, Director of Facilities Management at ODU, says, “During these times of scarce resources, the performance contract is a great tool that allows us to leverage energy savings to reinvest in replacing building mechanical systems that are past their useful life. We feel good about the energy savings and renewal of equipment we have been able to achieve through this initiative.”

NORESCO is one of the largest U.S. energy services companies specializing in the development, design, construction, financing, and operation of energy and environmental efficiency projects, performance contracting, and central energy plants. Its clients include various departments of the U.S. government, school districts, local governments, and industrial and commercial businesses. Over the past two decades, NORESCO has implemented more than $2 billion in energy projects at more than two thousand sites throughout the United States and abroad.

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