SAN FRANCISCO & TAMPA, Fla.--(BUSINESS WIRE)--Generate Capital and McKinstry entered a formal partnership to launch Viridis Initiative, a joint venture that leverages a turnkey development approach that allows municipalities, universities, schools and hospitals to upgrade their aging energy systems, address deferred maintenance, and reduce emissions without taking any financial or operational risk.
In 2021 the operation of buildings accounted for 30% of global final energy consumption and 27% of total energy sector emissions, making Viridis Initative’s EaaS model an important and practical decarbonization solution for building owners.
Viridis Initiative originated from a strategic partnership between Generate and McKinstry. Generate entered an energy-as-a-service agreement with one of the nation’s largest school districts in 2019 to modernize the district’s facilities and energy infrastructure while reducing its environmental impact. McKinstry was contracted by Generate to design, build and sustain energy performance improvements.
The success of that effort led Generate and McKinstry to create Viridis Initiative to replicate the partnership’s EaaS model nationwide. The new venture combines the sustainable investment and operating expertise of Generate with the engineering and project delivery expertise of McKinstry, delivering an affordable way for communities across the United States to access clean resources, improve indoor air quality, increase building comfort, reduce operating expenses and meet long-term sustainability goals.
“Together, Generate and McKinstry have demonstrated that a combination of flexible capital, specialized sustainability expertise, a long-term time horizon, operational excellence and partnerships with the best-in-class solutions providers can unlock economics, decarbonization and resilience at scale for customers and communities,” said Scott Jacobs, Generate’s co-founder and CEO. “Our partnership with McKinstry to launch Viridis enables us to substantially expand the market and our collective reach, so communities can get the benefits of clean energy and resources without taking the associated financial and operational risks.”
Viridis transforms critical infrastructure into an economic engine that provides steady revenue to building owners while transferring financial and operating risks to Viridis. The company employs a cycle of continuous improvements to resolve energy and infrastructure challenges through tailored solutions and ongoing optimization.
“How we develop and operate our built environment is broken, leaving owners with infrastructure that cannot keep pace with evolving expectations,” said Ash Awad, president and chief market officer of McKinstry. “That changes with Viridis and an approach that unlocks the potential hidden within infrastructure and energy systems to make decarbonization, smart campuses and other long-promised advancements possible across technologies and geographies.”
The Viridis approach focuses on both instant transformation and long-term impact. Eliminating the need for upfront capital expenses to fund and maintain critical infrastructure opens new possibilities for institutions to:
- Enhance mission delivery by engaging stakeholders around mission-critical outcomes and impact.
- Reduce operating costs, preserving budget for core activities through guaranteed savings.
- Achieve resilience by ensuring energy and operating uptime during extreme weather conditions.
- Reduce financial risk, preserving debt capacity while generating cashflow through cost savings.
- Enhance building performance, delivering the high-performing and healthy spaces occupants deserve.
- Extend workforce capacity with a partner that strengthens internal teams instead of replacing them.
- Decarbonize and electrify their operations to meet their zero-carbon and climate commitments.
About Viridis Initiative
Build your legacy of excellence. Viridis Initiative develops, delivers and sustains critical infrastructure through a comprehensive, turnkey approach that eliminates capital budget drain once and for all. The result accelerates mission delivery by leveraging infrastructure as a key enabler. Learn more at www.ViridisInitiative.com.
About Generate Capital
Generate Capital, PBC is a leading sustainable investment and operating company driving the infrastructure transition. Generate builds, owns, operates and finances clean energy, transportation, water, waste, agriculture and digital infrastructure. Founded in 2014, Generate has partnered with over 50 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop-shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. The company’s Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to thousands of customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
McKinstry is a national leader in designing, constructing, operating and maintaining high-performing buildings. From new construction and ongoing operations to adaptive reuse and energy retrofits, the company provides a single point of accountability across the entire building lifecycle. McKinstry focuses on people and outcomes to ensure the built environment serves owners, operators and occupants alike. McKinstry is your trusted partner for the life of your building. Learn more at www.mckinstry.com.