august 21- 23, 2018 • cleveland, ohio · lighting spend today. 500,000 . kwh consumed. $50,000 /...
TRANSCRIPT
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A U G U S T 2 1 - 2 3 , 2 0 1 8 • C L E V E L A N D , O H I O
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Rethinking Traditional Finance: How Efficiency-as-a-Service Unlocks New
Potential for BusinessThursday, August 23rd, 2018 from 4:00pm – 5:30pm
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Panelists
Moderator
Holt Mountcastle, RE Tech Advisors
Speakers
Alanna Gino, Redaptive Bob Hinkle, Metrus Energy Richard Braam, Bristol Hospital
3
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Alanna GinoRedaptive
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© 2 0 1 8 R E D A P T I V E . | 5
Scaling Energy Efficiency for C&IBetter Buildings Summit 2018
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© 2 0 1 8 R E D A P T I V E . | 6
Address key barriers to portfolio-wide adoption
• Cover all material, labor costs and project management of retrofits
• Eliminate financing impact – off balance sheet
• Full risk transfer (project performance, rebate allocation, cost overruns)
• Verified equipment level savings and data analytics
Redaptive Tackles Industry Challenges – Unlocks and Accelerates EE
Energy Efficiency
Capital SolutionsData
Analytics
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© 2 0 1 8 R E D A P T I V E . | 7
How it EaaS Works – Simple Shared Savings Model
Redaptive Service Contracted Customer Payments
1,000,000 kWh Consumed / Year
$100,000Paid
Lighting Spend Today
500,000 kWh Consumed
$50,000 / Year Paid (Utility)
500,000 kWh Saved
$35,000 / Year Paid
$15,000 / Year Retained
Redaptive Shared Savings During Contract
Install Maintenance
DesignAudit
Redaptive provides unparalleled transparency into shared savings
Customer Savings After Contract Term
$50,000 / Year Paid (Utility)
$50,000 / Year Retained
Years 1-5 Years 5-10
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© 2 0 1 8 R E D A P T I V E . | 8
Key EaaS Differentiators
Term Lengths Contracts can be as short as 3-5 years vs 10-30 yr ESCO contract
Measure equipment level consumption and bill for actual, measured savings
EaaS is treated as a service and is classified as an operating expense -swap part of OpEx Utility Bill for Redpative Savings Bill
Flexible terms allow for early termination, transfer of contract ownership, and performance outs
Not a Lease
Customer Friendly
Actual Validated Savings
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© 2 0 1 8 R E D A P T I V E . | 9
Simple and Streamlined Contracting Speeds Deployments
Redaptive Master Agreement
Lighting Controls + LEDs
Site Specific SOWs
Site Specific SOWs
Site Specific SOWs
Master AgreementOff Balance Sheet “Service Agreement”Defines Key Program Parameters
Technology Solution AddendaTechnology PartnersEasily Add New Technologies
Site Level Sub-AddendaPortfolio Management ApproachSimple One-page Structure
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© 2 0 1 8 R E D A P T I V E . | 10
Customer Rollouts Across a Variety of Sectors
Telecom Industrial Laundry
Scope and Savings Scope and Savings490 SitesAnnual Net Operating
Savings: $22MProjected 10-Yr
Savings: $220M
253 SitesAnnual Net Operating
Savings: $2.7MProjected 10-Yr
Savings: $31.6M
Hospitals, Manufacturing, Telecom,Industrial, Warehouses
1,120 Customer Sites installed orunderway
Nationwide and across 153 differentutility regions
Generated nearly 500 million kWh ofenergy reductions
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© 2 0 1 8 R E D A P T I V E . | 11
Thank You!
340 Brannan , Suite 400San Francisco, CA 94107
REDAPTIVEINC.COM
Alanna Gino
Director of Marketing
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Bob HinkleMetrus Energy
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Delivering Efficiency as a Service:
The Metrus ESA
August 2018
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Metrus develops, finances, owns, and operates large-scale efficiency projects for Fortune 500 companies and major institutional customers.
Metrus partners with leading ESCOs, contractors and lending partners to design, finance, construct and maintain projects.
Metrus sells efficiency as a resource. We put our capital to work so our customers don’t have to.
Metrus has operational energy and water efficiency projects in 20 different states, resulting in savings over 1.1 billion kWh.
Overview
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Development: Identify efficiency
upgrades
Design project scope
Structure financing solution
Metrus Sells Energy Efficiency
Financing: Fund 100% of project
costs
Own project assets
Monetize available incentives
Operations: Measure performance
and savings
Cover ongoing maintenance costs
Identify new savings opportunities
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• Funds 100% of total project costs• Third-party ownership of energy and
water efficiency assets• Pay-for-performance structure• Covers construction, O&M, M&V• Off-balance sheet accounting
Efficiency Services Agreement
Origins of the Metrus ESA
Power Purchase Agreement
Traditional Performance Contract
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ESA
Metrus funds 100% of project cost, takes title to equipment, and pays for ongoing maintenance and monitoring. Customer pays service charge for realized savings.
ESPC
ESCO (contractor) designs project, installs efficiency equipment, and provides long-term maintenance and monitoring services.
Relationships
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Key Customer BenefitsFINANCIAL
No capital outlay (cap-ex dollars can be invested in core business)
Immediate positive cash flow through energy and water savings
Pay-for-performance ESA removes risk
Incorporates available utility incentives
Preservation of debt capacity
OPERATIONAL
Key equipment upgrades that increase resiliency and reliability
Improved efficiency of building operations and systems
Ongoing maintenance and monitoring services
Flexibility to add new upgrades
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TYPICAL EFFICIENCY MEASURES
Building automation and controls
Lighting retrofits and controls
Heating, ventilation and air conditioning (HVAC)
Central plant systems
Boiler replacement and system improvements
Pumps, fans, motors, and drives
Cogeneration (on-site electricity generation)
Water efficiency measures
Scope of WorkTYPICAL PROJECT PROFILE
Integrated energy and water efficiency retrofits
Project size is generally $1-15 million
ESA (project) term is generally 5-15 years
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Service charge = (physical units of savings) x (service rate, $/unit) + operational savings
Savings created by:
1. Year 1 service charge is ≤ avoided utility cost
2. Fixed annual escalation is ≤ expected utility rate increase
ESA – Service Charge
Year
Cost perunit ofenergy
Customer savings
Utility rate
ESA rate
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Project Lifecycle
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C A S E S T U D Y
Fortune 100 Technology35 SITES • 12 STATES
• LED lighting upgrades• Building management systems
Total investment:
$53.6Million
Total annual savings:
$12.1Million
Annual CO2 savings:
95,277Tons
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Total investment:
$12Million
Total annual savings:
$4.1Million
Annual CO2 savings:
15,000Tons
BAE Systems6 SITES • 3 STATES
• Lighting retrofits (interior & ext.)• Building automation & controls• Boiler and chiller replacement• Transformer replacement• Demand control ventilation• Building envelope improvements
C A S E S T U D Y
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Fortune 500 Manufacturing• LED lighting upgrades• Variable frequency drives
Total investment:
$4.2Million
Total annual savings:
$631,203Annual CO2 savings:
2,836Tons
C A S E S T U D Y
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Bristol Hospital• LED lighting retrofit• Energy management system• Power factor correction• Steam trap replacements• HVAC and AHU replacement• Water efficiency
Total investment:
$4.2Million
Total annual savings:
$525,000Annual CO2 savings:
1,320Tons
C A S E S T U D Y
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Contact
5 Third Street, Suite 822San Francisco, CA 94103Tel: 415-284-5000http://[email protected]
Bob Hinkle
[email protected]: (415) 284-5000
Metrus Energy
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Richard BraamBristol Hospital
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28 | Bristol Hospital | ESA at Bristol
Bristol Hospital & Healthcare GroupRichard A. Braam, CPA, MBA, CHFPVice President & Chief Financial Officer
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29 | Bristol Hospital | ESA at Bristol
Energy Efficiency as a Service at Bristol Hospital and Healthcare Group
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30 | Bristol Hospital | ESA at Bristol
• Located in Bristol, Connecticut• Full continuum provider – EMS, Physician Group,
Hospital, Skilled Nursing, Home Care, Hospice• Limited borrowing capacity due to significant
investment in physician practice ramp-up and State Provider Assessment (Hospital Tax)
Bristol Hospital & Healthcare Group - Background
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31 | Bristol Hospital | ESA at Bristol
• 369,216 square feet of aging facilities• Significant deferred maintenance (approx. $60M)• Air Handlers were in dire need of replacement
(50 years old)
Bristol Hospital & Healthcare Group - Background
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32 | Bristol Hospital | ESA at Bristol
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33 | Bristol Hospital | ESA at Bristol
• BHHCG introduced to Metrus Energy in 2015• ESA provided an off balance sheet, no upfront
capital outlay solution for AHU replacement• Extensive project – in addition to HVAC, also
addresses lighting, plumbing, etc. Scope of work is 17 pages long.
Bristol Hospital & Healthcare Group – ESA Project
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34 | Bristol Hospital | ESA at Bristol
• Lenders & Lawyers• Metrus’ lender was seeking lien on AHUs • BHHCG bond insurer would not permit such a lien
Bristol Hospital & Healthcare Group - Issues
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35 | Bristol Hospital | ESA at Bristol
• First and foremost – ditch the Lawyers• Direct conversations between BHHCG CFO and
Metrus CEO • We were both motivated to get the deal done
• We were able to establish Metrus a position as a secured creditor
Bristol Hospital & Healthcare Group - Solution
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36 | Bristol Hospital | ESA at Bristol
• Work is underway & progressing on schedule• Virtually no disruption – critical for a hospital• Great deal of flexibility shown by contractors
Bristol Hospital & Healthcare Group - Status
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Questions?