American DG Energy, a leading On-Site Utility, has reached an agreement to supply clean energy to multiple residential buildings located in New York.
Under the terms of the fifteen-year agreement, the Company will install fourteen combined heat and power (CHP) systems at multiple residential buildings, managed by RY Management, a property management company.
The CHP systems, totaling 1050 kW, will be owned and operated by American DG Energy. The property management company will receive a discount on the energy produced by the CHP systems and reduce the emissions of its managed properties. The value of the agreement to the Company is $27.4m.
"This is a very significant order for American DG Energy and it prepares us for a very exciting 2012," said John N. Hatsopoulos, CEO of American DG Energy. "As the core piece of our strategy, the Company continues to pursue large property holders to accelerate our growth with multi-property deals."
The specific CHP systems planned for the properties are expected to reduce the emissions of the properties by 4,386 tons of carbon dioxide each year. This reduction is equal to removing the carbon emissions of 724 cars each year.
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