ABM Installing 2 MW Solar Plant at Cornell University
Solar Array Expected to Save Over 730 metric tons of CO2 Annually...comments share
NEW YORK--(BUSINESS WIRE), 3/19/14
ABM (NYSE:ABM), a leading provider of facility solutions, announced today that ABM's energy business started construction on a 2 MW solar array to be implemented on Cornell University's campus in Ithaca, NY, representing the Ivy League university's first large solar endeavor. ABM will provide Engineering, Procurement and Construction (EPC) and Operations & Maintenance (O&M) services. ABM joint venture partner Building Energy will finance and own the solar power plant in partnership with Distributed Sun, LLC, who developed the project for Cornell.
The 6,500+ panel 'Lansing' solar array will provide Cornell University with fixed, low-cost energy rates over the life of the 30-year agreement, allowing Cornell to save money as utility costs are expected to rise in the coming years.
"We are pleased to partner with the New York State Energy Research and Development Authority (NYSERDA), Distributed Sun, LLC, and ABM to launch Cornell's first large solar project," said Cornell Vice President for Facilities Services Kyujung Whang. "This facility represents a significant step to advance Cornell's clean energy portfolio. The Lansing solar facility aligns with carbon reduction goals of Cornell, Tompkins County and New York State."
The system is expected to generate just over 2.2 million kilowatt hours (kWh) per year on average. Additionally, a section of the plant will be designated for academic use, which allows students physical access to manipulate 10 solar panels and access to the Web-based dashboard of the solar array state-of-the-art monitoring software. It is planned that energy and real-time energy use data will be publicly available on the Web.
"ABM is honored to have been selected to install Cornell University's first solar array," said Ted O'Shea, ABM energy business vice president. "We continue to focus on developing clean, renewable energy projects that reduce our client's utility costs, increase power reliability and enhance their position as leaders of sustainability."
"Distributed Sun selected ABM and BE to ensure Cornell's exacting requirements for savings, quality and energy assurance are all met," said Jeff Weiss, Distributed Sun Co-Chairman. "We are thrilled that Cornell trusted us to deploy its first third party energy supply agreement."
The multi-year, multi-million dollar contract represents the second project for ABM's recent joint venture with Building Energy, an Italian-based independent power producer, which added further expertise to ABM's renewables team. The solar market continues to provide great growth opportunity for ABM, as $13 billion in solar projects were constructed in 2013. The market is expected to grow by a 28% compound annual growth rate (CAGR) through the end of 2016, and ABM is well-positioned to take advantage of this growing market.
"Building Energy and its partners have been working extensively with Cornell University to finance and build a highly reliable solar power plant, which will provide Cornell with significant ongoing savings while delivering clean energy," said Building Energy Managing Director Andrea Braccialarghe. "Our efforts to help customers like Cornell find environmentally attractive solutions for their energy needs have been bolstered by the NY-Sun Initiative and policies that encourage foreign companies like us to invest in renewable energy initiatives in New York State."
ABM (NYSE: ABM) is a leading provider of facility solutions with revenues exceeding $4 billion and 100,000 employees in over 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.
ABOUT BUILDING ENERGY
Building Energy is an independent producer of energy from renewable sources with a large portfolio of renewable plants in operation, construction and development, with a total pipeline in excess of 800MW in Europe, Africa, Central and North America. In South Africa, Building Energy won the contract for the biggest photovoltaic project on the African continent - 81 MW in Kathu - in the first round of the REIPP, the South African government's incentive program for the production of renewable energy. The power station is currently under construction and is expected to be in operation by August 2014. For more information, visit www.buildingenergy.it.
ABOUT DISTRIBUTED SUN
Distributed Sun LLC (D-Sun) is leading the solar industry's next generation business models for platform, software, standards, and finance within the commercial and industrial (C&I), municipal, university, school, and hospital (MUSH), military sites, and microgrid solar segments. Visit www.distributedsun.com.
CONTACT: ABM Media: Chas Strong, 770-953-5072 email@example.com or Investors & Analysts: David Farwell, 212-297-9792 firstname.lastname@example.org
SOURCE: ABM Industries Copyright Business Wire 2014 Access Investor Kit for ABM Industries, Inc. Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=US0009571003
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