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NORESCO Joins Clinton Climate Initiative and Building Retrofit Program

Business Wire, August 10, 2007 – WESTBOROUGH, Mass.--(BUSINESS WIRE)--NORESCO, a global leader in guaranteed energy savings programs and on-site energy management, has joined the Clinton Climate Initiative (CCI) to accelerate energy savings and reduction of greenhouse gas emissions by the world’s largest cities. As a participant in the C40 Large Building Retrofit Program, NORESCO will provide building retrofits for city buildings and financially guarantee reductions in energy usage.

“Climate change is a global problem that requires local action,” said President Clinton. “The businesses, banks and cities partnering with my foundation are addressing the issue of global warming because it’s the right thing to do, but also because it’s good for their bottom line. They’re going to save money, make money, create jobs and have a tremendous collective impact on climate change all at once. I’m proud of them for showing leadership on the critical issue of climate change and I thank them for their commitment to this new initiative.”

The C40 Large Building Retrofit Program is a landmark partnership among city governments, energy services companies, financial institutions, and trade associations, aimed at significantly reducing energy use in buildings. So far, sixteen cities have committed to participate, and banks have committed to arrange at least $5 billion to finance the first generation of retrofit projects. Repayment of principal and interest will come from energy savings that retrofit projects generate in subsequent years.

“Technology applications offer our cities a way to align environmental stewardship and fiscal responsibility”, said Neil Petchers, President and CEO of NORESCO. “CCI brings tremendous focus. It will streamline how cities work with experienced partners to improve both. We at NORESCO look forward to expanded opportunities to improve the environment with financially viable solutions.”

Energy retrofits with performance guarantees, known as energy services performance contracts, are familiar financial tools to some US states, cities, counties, school districts, and higher education facilities. CCI is making it easier for large cities to tap performance contracting resources, thereby increasing the total market. It is calculated that energy use in buildings is responsible for over 50 percent of greenhouse gas emissions in most cities. Retrofits can reduce energy use by 20 to 50 percent in existing buildings, pay for themselves through reductions in energy usage, and reduce harmful emissions and pollutants.

NORESCO’s involvement with CCI builds on more than twenty years’ experience providing guaranteed energy savings solutions domestically and abroad. The company will provide energy auditing, engineering design, construction, commissioning, and measurement and verification services to deliver sustainable building performance to cities participating in the program.

About the Clinton Climate Initiative

Building on his long-term commitment to preserving the environment, President Clinton launched the Clinton Foundation’s Climate Initiative in August 2006 with the mission of applying the Foundation’s business-oriented approach to the fight against climate change in practical, measurable, and significant ways. In its first phase, CCI is working with the C40 Large Cities Climate Leadership Group to accelerate efforts to reduce greenhouse gas emissions. CCI team members have visited nearly all of these cities and are working with them to define projects and take action.

The C40 Large Cities Climate Leadership Group is comprised of the following cities: Addis Ababa, Bangkok, Beijing, Berlin, Bogotá, Buenos Aires, Cairo, Caracas, Chicago, Delhi, Dhaka, Hanoi, Hong Kong, Houston, Istanbul, Jakarta, Johannesburg, Karachi, Lagos, Lima, London, Los Angeles, Madrid, Melbourne, Mexico City, Moscow, Mumbai, New York, Paris, Philadelphia, Rio de Janeiro, Rome, Sao Paulo, Seoul, Shanghai, Sydney, Toronto, Tokyo, and Warsaw. For more information contact the Clinton Foundation Press Office: press(at)clintonfoundation.org

About NORESCO

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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