Contact: Edward Scott 978.531.1822 (x318)
ENERGI BECOMES FINANCIAL ALLY TO DEPARTMENT OF ENERGY’S BETTER BUILDINGS CHALLENGE
Energi joins industry leaders for CEO Roundtable and working group at the White House to help drive the nation’s energy efficiency objectives
PEABODY, MA: December 2, 2011
Energi, a Massachusetts based Industrial Reinsurance Company, announced today that it has joined the Department of Energy’s Better Buildings Challenge. Energi’s commitment to facilitating energy efficiency financing and support market activity is evident by its Energy Savings Warranty (ESW) program, which insures the energy savings guarantees made by energy efficiency contractors. Energi CEO Brian McCarthy joins other members of the Better Buildings Challenge in a CEO roundtable discussion hosted by the Department of Energy’s Secretary, Dr. Steven Chu today at the White House.
President Obama announced nearly $4 billion of investments in combined federal and private sector energy upgrades to buildings over the next 2 years. This announcement builds on 14 private sector commitments announced at the Clinton Global Initiative America in June to make energy upgrades across 300 million square feet, and to invest $500 million in private sector financing in energy efficiency projects. The Better Buildings Challenge calls on corporate chief executive officers, state and local leaders and other stakeholders to make a substantial commitment to energy efficiency, and has a goal of making commercial and industrial buildings at least 20 percent more efficient by 2020.
Energi, as a Better Buildings Challenge Financial Ally, will insure through the Energy Savings Warranty program up to $50 million in aggregate limits per energy efficiency contractor for retrofit projects. Energi and strategic partner Hannover RE aim to accelerate private sector investment in energy efficiency by providing risk mitigation through insurance on retrofit projects in order to protect debt and equity capital.
“The insurance market has historically failed to offer unique insurance covers to building owners, contractors, and financial institutions involved in energy efficiency. We developed our Energy Savings Warranty program to unlock the financial barriers that exist in the energy efficiency market, which in turn promotes new project development,” Brian McCarthy said. “We are honored to become a financial ally of the Better Building Challenge and join the effort to piece together the energy efficiency investment puzzle.”
60 CEOs, mayors, university presidents, and labor leaders today committed to invest nearly $2 billion of private capital into energy efficiency projects. The Partners and Financial Allies in the Better Buildings Challenge are committed to offering innovative energy efficiency products, services and technologies to catalyze private sector investment and help partners meet the 20 percent energy efficiency objective over the next decade.
For more information, please refer to the DOE website and the White House’s Center for Environmental Quality’s fact sheet on the BBI.
NOTES TO EDITOR:
About Better Buildings Challenge
The Better Buildings Challenge is a national energy efficiency leadership initiative and a core element of President Obama’s plan to make commercial buildings 20 percent more energy efficient by 2020. Led by Former President Bill Clinton through the William J. Clinton Foundation and the Clinton Global Initiative, together with the President’s Council on Jobs and Competitiveness, the Better Buildings Challenge calls on corporate chief executive officers, university presidents, and state and local leaders to make a substantial commitment to energy efficiency, and recognizes the organizations they lead for achieving results. For more information visit, http://www4.eere.energy.gov/challenge/
Energi is an Industrial Reinsurance Company that provides specialized risk management and insurance programs to targeted sectors of the energy industry. Energi is a leading developer and underwriter of innovative insurance products to deliver critical protections for alternative energy and energy efficiency warranties. These covers mitigate the performance risk inherent in energy efficiency retrofits, commercial solar projects, and alternative energy product manufacturing. Contact: Angela Ferrante, firstname.lastname@example.org; 1-978-531-1822 x330