NEW YORK--(BUSINESS WIRE)--ABM (NYSE:ABM), a leading provider of facility solutions, has been selected by BrandsMart USA®, a leading consumer electronics and appliance retailer, to complete a facility-wide energy conservation project which is expected to save BrandsMart USA’s South Dade County, FL location 34% on its annual utility costs. The project is funded through the Ygrene Energy Fund, the leading developer and administrator of clean energy financing programs.
The customized solution, which began earlier this month, includes major enhancements to the facility’s heating and cooling equipment, replacing lighting fixtures with cost effective LED lighting, and modifying its existing energy control system. In all, the BrandsMart USA location is set to save $135,000 in annual costs and more than $1.6 million over the life of the contract.
The program known as Property-Assessed Clean Energy (PACE) allows BrandsMart USA to pay for the energy upgrades over time rather than up-front using long-term, low-interest financing. Under PACE, projects are repaid through an annual assessment on the property tax bill that is linked to the property as opposed to the owner.
“We are thrilled to provide energy efficiency solutions to another existing ABM client. Our ABM Security Services group has been working with BrandsMart USA and made us aware of the energy infrastructure upgrades needed in their buildings,” said ABM’s energy business Senior Vice President Bill Maurer. “PACE is a great way for us to connect building owners with private capital, ensuring that their buildings will be more efficient, comfortable and sustainable. ABM has been helping its Education and Local Government clients find financing solutions that enable ABM to upgrade their energy systems with no up-front cost. It is an exciting time now that these financial solutions can be utilized in the commercial market as well.”
BrandsMart USA’s energy improvements constitute the largest project to date in Florida leveraging PACE and falls within South Florida’s Clean Energy Green Corridor PACE District. The deal taps into the Clean Energy Corridor’s $230 million bond issuance financed through private capital. Ygrene’s program is having a significant impact on economies in which the programs have been introduced throughout the United States. In Florida alone, commercial renewable energy and efficiency projects are projected to contribute more than 8,250 jobs and generate close to $837 million in economic output over the next five years.
“We selected ABM to make these critical infrastructure upgrades because of their proven track record as an industry leader in the energy services business,” said Lary Sinewitz, Executive Vice President, BrandsMart USA. “Further, they have been able to assist us through the financing aspect of the Ygrene program. This is a win-win for BrandsMart USA and for our valued customers. We look forward to a tremendous partnership with ABM for years to come.
“BrandsMart USA should be commended for recognizing the economic benefit of PACE financing and ABM will serve as a tremendous partner installing these critical energy upgrades,” said Ygrene District Manager Rafael Perez. “As the largest contract of its kind to date in Florida, we’re thrilled to support this landmark endeavor and look forward to providing low-cost, low-risk solutions for other commercial projects across the state.”
ABM (NYSE: ABM) is a leading provider of facility solutions with revenues of $4.8 billion and over 100,000 employees in 350+ offices deployed throughout the United States and various international locations. ABM’s comprehensive capabilities include facilities engineering, commercial cleaning, energy solutions, HVAC, electrical, landscaping, 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 hospitals to the largest and most complex facilities, such as manufacturing plants and major airports. ABM Industries Incorporated, which operates through its subsidiaries, was founded in 1909. For more information, visit www.abm.com.