BrandsMart USA and ABM to Fund $2 Million Retrofit With PACE Financing Through the Florida Green Energy Works Program
October 07 2015 - 3:00PM
BrandsMart USA, a retailer well known for helping shoppers find
deals on home appliances & electronics, was seeking a
cost-effective way to upgrade its West Palm Beach store. This time,
BrandsMart is the recipient of the deal: low-cost financing for a
comprehensive energy-efficiency retrofit through the Florida Green
Energy Works Program.
BrandsMart received $2.225 million from a private investor for
the project that will include new HVAC systems, energy-efficient
lighting and a new roof. ABM, one of the largest facility
management services providers in the U.S., will manage the
upgrade. It is the largest PACE (or 'Property Assessed Clean
Energy') project on the East Coast this year and the largest ever
in Florida and the broader Southeastern United States.
"This is a win-win for BrandsMart USA and our valued customers,"
said Lary Sinewitz, Executive Vice President, BrandsMart USA. "We
selected ABM to make these critical infrastructure upgrades because
of their proven track record as an industry leader in the energy
services business and their ability to assist us through the
financing aspect of the Florida Green Energy Works Program."
"We view PACE as a critical component of our growth strategy for
Florida," said Mary-Suzanne Powell, General Manager ABM Building
and Energy Solutions. "We are proud of our partnership with
BrandsMart, appreciative of the City of West Palm Beach for their
foresight in supporting the Florida Green Energy Works Program and
we will continue to seek ways to help BrandsMart and all of our
clients improve the value of their property, increase net operating
income, and energy efficiency without tapping into their own
capital."
The City of West Palm Beach was one of the first cities in
Florida to join a PACE Program, along with other forward-thinking
cities and counties to create the Florida Green Energy Works
Program. The goal of the Program is to create jobs and
increase investment in "green" projects that reduce energy
use. According to PACENow, similar programs around the U.S
have funded $123 million for 335 building upgrades creating an
estimated 1,680 jobs. In Florida, project-by-project, that decision
is paying off.
"I want to commend BrandsMart for their leadership," said Jeri
Muoio, Mayor of the City of West Palm Beach. "Their commitment to
our environment is a testament to the opportunity for our private
sector partners to step forward and join us as we continue to takes
steps to preserve our planet. Bravo BrandsMart!"
Florida Green Energy Works, Florida's only "open market" PACE
program, is managed by EcoCity Partners. It currently serves
13 communities throughout the state and has been approved to
operate statewide. Cities and counties are eligible to join
the Program and there is no cost for doing so.
"This project represents a major step toward fulfilling the
Program goal for commercial enterprises of promoting cost-savings
through higher energy-efficiency," said David Thatcher, Chair of
the Board of the Florida Green Finance Authority and sponsor of the
Program. "This is our largest commercial project to date and
we look forward to many more, hopefully also expanding to include
residential in the near future."
About The Florida Green Energy Works
Program
The Florida Green Energy Works Program is geographically the
largest PACE program in Florida, presently serving 13 communities
throughout the State. The program is operated by the Florida
Green Finance Authority who levies and collects the PACE
assessments and the Authority is comprised of its member local
governments. Visit the Florida Green Energy Works Program website
to learn more.
About PACE
PACE (Property Assessed Clean Energy) is a simple and effective
way to finance energy efficiency, renewable energy, and water
conservation upgrades to buildings. PACE can pay for new heating
and cooling systems, lighting improvements, solar panels, water
pumps, insulation, and more for almost any property – homes,
commercial, industrial, non-profit, and agricultural. PACE funded
projects make buildings more valuable and sustainable. PACE is
voluntarily and it can finance up to 100% of a project's costs, and
long-term payback of up to 20 years means most projects save money
immediately for property owners and tenants.
ABOUT ABM
ABM (NYSE:ABM) is a leading provider of facility solutions with
revenues of approximately $5 billion and 118,000 employees in over
300 offices deployed throughout the United States and various
international locations. ABM's service capabilities include
electrical & lighting, energy solutions, facilities
engineering, HVAC & mechanical, janitorial, landscape &
turf, parking and security, provided through stand-alone or
integrated solutions. ABM provides custom facility solutions
in urban, suburban and rural areas to properties of all sizes —
from schools and bank branches to the largest and most complex
facilities, such as airports, hospitals and manufacturing
plants. ABM Industries Incorporated, which operates through
its subsidiaries, was founded in 1909. For more information,
visit www.abm.com.
CONTACT: With Florida Green Energy Works
Michael Wallander, Florida Green Energy Works Program
Telephone Number: 855-FL-Works (855-359-6757)
Email Address: info@floridagreenenergyworks.com
With ABM
Media: Chas Strong
770.953.5072
chas.strong@abm.com
Investors & Analysts: David Farwell
212.297.9792
dfarwell@abm.com
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