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NORESCO Pre-Approved for Energy Savings Projects in Colorado

Business Wire, December 19, 2007 – WESTBOROUGH, Mass.--(BUSINESS WIRE)--The state of Colorado has selected NORESCO as one of eleven pre-approved energy services companies to deliver energy savings projects to state and local facilities. The Governor’s Energy Office (GEO) has pre-approved NORESCO, a global leader in greenhouse gas reductions, guaranteed energy savings programs, and on-site energy management, to expedite performance contracting for Colorado public entities. NORESCO’s Denver office has been serving Colorado for eight years.

Performance contracts are guaranteed energy savings solutions that enable investments in new energy efficient equipment and energy conservation measures at no upfront cost to taxpayers. Over the term of a performance contract, savings resulting from decreased energy consumption are guaranteed by the energy services company and pay for equipment investment, installation, and related financing. Savings in excess of the guaranteed levels add to the public entity’s resources for other needs and endeavors.

Bob Radomski, Western Region Group Director for NORESCO, said, “Legislation and Executive Orders in Colorado this year have emphasized the importance of energy efficiency and greenhouse gas reduction. NORESCO has been providing energy efficiency and performance contracts for more than two decades and is proud to be part of the GEO program. It will provide a streamlined process for city, county, school, and state government leaders to implement Colorado’s environmental vision.”

Colorado House Bill 1309 calls for improved energy efficiency with the construction of new schools. Executive Orders signed by Governor Bill Ritter call for “Greening Government,” including the requirement that state buildings reduce energy consumption by 20 percent over the next five years. The GEO program is the primary tool for accomplishing the state’s energy consumption goal for buildings. The number of energy conservation projects using performance contracts in the state is expected to increase as a result of the new GEO program.

Tom Plant, Director of GEO, said, “This new program makes it easier for customers, like state agencies or cities, to confidently undertake the performance contracting process and eliminates literally months of time spent previously in qualification of each company. Not only will this save significant time upfront on these projects, but these eleven ESCOs are now going to bring performance contracting to the next level by encouraging renewable energy technologies, such as solar and geothermal projects.”

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, greenhouse gas reduction programs, performance contracting, and central energy plants. Its clients include various departments of the U.S. government, school districts, universities, state and 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 2,000 sites throughout the United States and abroad.

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