FOR IMMEDIATE RELEASE
CHICAGO, IL (June 30, 2011) Transcend Equity, a leader in developing energy efficiency projects in commercial real estate, private higher education, and healthcare, commits to partnering with industry and investors to accelerate the usage of its Managed Energy Services Agreement (“MESA”) structure to facilitate energy efficiency in privately owned buildings.
Transcend expects to invest a minimum of $75 million in energy efficiency improvements over the next 18 months nationwide, projects which will save 25% or more in energy usage.
“We are delighted that the Better Buildings Challenge has focused the nation’s attention on the inefficiency of its aging building stock and challenged the private sector to provide a solution,” said Transcend’s President Steve Gossett Sr. “We are pleased to respond to that challenge.”
Transcend brings to bear a recently signed a joint venture investment with Mitsui USA, the US subsidiary of one of the world’s largest trading companies, as well as a track record of successful development and execution of energy efficiency improvements in more than thirty buildings. In addition, Transcend secured $9 MM in American Reinvestment and Recovery Act (ARRA) funding through the Chicago Metropolitan Agency for Planning to provide credit enhancement for lenders funding Transcend sponsored efficiency projects in the Chicago region.
The Clinton Climate Initiative,, a partner of the C40 Cities Climate Leadership Group (C40), has played a significant role in raising awareness of the innovative approaches to energy efficiency, such as MESA.
"Transcend's approach will bring investment to energy efficiency projects across commercial buildings and private higher education and health care facilities,” said Scott Henderson, Director of Building Energy Efficiency Finance, Clinton Climate Initiative. “It will help overcome one of the biggest and longstanding barriers to energy efficiency – finance - and enable projects that otherwise would simply not get done."
Transcend commits itself to attracting debt providers to leverage its equity commitments while aggressively marketing and financing projects identified by Better Buildings Challenge partners and showcasing projects under the Better Building Challenge to help stimulate additional demand.