The New York City Energy Efficiency Corporation (NYCEEC) recently announced that it will provide $6.3 million of construction and permanent financing for a cogeneration project at a new manufacturing plant in Staten Island, New York.
The cogeneration plant will maximize the production of electricity to sell to the grid and the use of waste heat for onsite manufacturing processes.
“We are excited to enable a project with significant environmental and economic benefits, from substantial energy savings and greenhouse gas reduction to impactful job creation and grid resiliency,” said Jay Merves, director of business development at NYCEEC. “We are proud to be part of a project that serves as a new model for distributed generation.”
The cogeneration project is expected to reduce the manufacturing plant’s energy use by 34 percent and its greenhouse gases by 12 percent as compared to traditional processes. The project will also create construction-related and permanent jobs in Staten Island.
“We share with NYCEEC a commitment to developing cost-effective, energy-efficient projects that strengthen the local economy,” said Leighton Powell, president of Cubit Power Systems. “In NYCEEC, we found a true partner. NYCEEC’s flexible financing and deep engineering expertise were instrumental to getting our project off the ground in a timely manner.”