NORESCO Chosen for $18 Million Initiative at URI to Reduce Energy Consumption, Operating...

NORESCO Chosen for $18 Million Initiative at URI to Reduce Energy Consumption, Operating Costs, and Greenhouse Gas Emissions

WESTBOROUGH, Mass.--(Business Wire)--The University of Rhode Island (URI) has selected NORESCO, a
global leader in guaranteed energy savings programs and on-site energy
management, to implement guaranteed energy savings agreements with an
expected value of more than $18 million. The agreements between URI
and NORESCO will provide long-term sustainable reductions in fossil
fuel use, operating costs, and greenhouse gas emissions. Construction
is already underway at the Kingston campus for projects totaling $4.4
million at the Memorial Union and the athletic complex, which includes
Keaney Gymnasium, Mackal Field House, Ryan Center, and Tootell Aquatic
Center.

Additional installations will be completed in the URI 2008 fiscal
year (which ends June 30, 2008) at the Providence and Narragansett Bay
campuses, bringing the total project costs for the year to $6.1
million. An additional $12 million in improvements will be made in
fiscal year 2009, and more improvements could be added to the project
in future years.

When the first two phases are complete, the athletic complex and
the Memorial Union will experience reductions in annual energy
consumption valued at $596,000. New showerheads, aerators, and
retrofitted plumbing valves will save 500 gallons of water a day in
Keaney, Mackal, and Tootell. The facilities in the first two phases
are expected to reduce carbon dioxide emissions by 37,701 U.S. tons
over the life of the projects. Carbon dioxide emissions are a widely
recognized contributor to global climate change. Reduced greenhouse
gas emissions from the first two phases alone are equivalent to
removing 549 cars from the road each year.

"The University of Rhode Island is using the performance contracts
to replace capital equipment and to enhance efforts to achieve an
environmentally sustainable campus," said Jerry Sidio, URI Director of
Facilities Services. "President Carothers signed the American College
& University Presidents Climate Commitment, and the performance
contracts play a key role in initial University efforts to become
climate neutral. We welcome the opportunity to work with NORESCO as we
strive to become a leader in environmental stewardship."

The projects are structured as performance contracts, and savings
realized from reduced energy consumption will pay for equipment
investment, installation, and related financing over the 12-year
funding term.

"Our contracts with NORESCO will generate immediate energy savings
without costing us any up-front capital expenditures. It's a win-win
solution for URI and the state's taxpayers," said J. Vernon Wyman, URI
Assistant Vice President for Business Services. "In addition, they
will reduce the University's carbon footprint substantially."

NORESCO Director of Project Development, Alan Davis, speaking on
behalf of NORESCO, stated, "We appreciate both the opportunity to work
with URI and the Rhode Island General Assembly's approval of the
unique funding mechanism to implement URI's campus-wide energy master
plan. The plan will allow URI to modernize facilities, reduce energy
consumption, and produce environmental improvements."

The Memorial Union and the athletic complex will each benefit from
improved lighting systems and improved energy management systems.
Lighting systems will be more efficient, and new controls will
minimize unnecessary usage in offices, classrooms, and bathrooms.
Daylight harvesters will optimize usage when sufficient natural light
is present in selected areas. New energy management systems utilizing
direct digital controls will reduce overheating and optimize
ventilation based on total system demands, equipment efficiency,
weather conditions, and occupancy in appropriate areas. Innovative
venturi-style steam traps will replace less reliable ones that have
resulted in inefficient and uncomfortable conditions in the past.

Air conditioning for the Memorial Union will require less energy
after NORESCO replaces the current electric chiller with a new, high
efficiency one. The facility will also gain system redundancy because
the new chiller will cross-connect to a chiller that currently
operates independently.

Other energy conservation measures at the athletic complex will be
diverse and extensive. Occupant comfort will improve with repairs and
capital improvements to HVAC systems and related equipment. HVAC and
pressurization improvements in the swimming pool area of the Tootell
Physical Education Center will extend throughout the multi-building
complex. Water usage, energy consumption, and pool area humidity
levels are all expected to drop with installation and use of new pool
covers. Overall appearance of the athletic complex will improve when
high-performance windows replace inefficient and deteriorated
single-pane windows, with savings and improved comfort as additional
dividends.

NORESCO is one of the largest U.S. energy services companies
specializing in the development, design, construction, financing, and
operation of energy and environmental efficiency projects, performance
contracting, and central energy plants. Its clients include various
departments of the U.S. government, school districts, universities,
state and local governments, and industrial and commercial businesses.
Over the past two decades, NORESCO has implemented more than $2
billion in energy projects at more than 2,000 sites throughout the
United States and abroad.

NORESCO, LLC
Angela Vincoli, 919-460-9220, ext. 32
Manager of Strategic Marketing and Communication
avincoli@noresco.com

Copyright Business Wire 2008