Project will enhance energy performance of more than 1,000 military family homes at Fort Eustis and Fort Story in Virginia
Balfour Beatty Communities, a leading residential real estate investment and management company, and ENGIE Services U.S., an international energy group and global leader in low-carbon energy and services, today announced the Fort Eustis/Fort Story privatized military housing project has executed a $12.2 million contract to improve the energy performance of more than 1,000 privatized Army homes at Fort Eustis and Fort Story in Virginia.
The project will deliver turnkey energy efficiency improvements through a self-funding Energy Savings Performance Contract (ESPC). Upgrades will include new, highly-efficient HVAC systems equipped with modern thermostats and humidity-sensing bathroom exhaust fan switches, which will make the homes more comfortable to live in, reduce mechanical outages, and standardize equipment across the portfolio which will reduce operating and maintenance costs. The project will also improve the homes with weatherization sealing, and provide comprehensive water efficiency and energy upgrades through domestic water retrofits and LED lighting technology. Construction will begin in November 2020 and is expected to be completed in the fall of 2021.
Lt. Gen. Doug Gabram, Commanding General of U.S. Army Installation Management Command, along with leaders at all levels of the Army are working with Balfour Beatty Communities to provide safe and quality housing for Soldiers and their families. “The Army is proud of BBC’s engagement in developing wide-ranging investment plans to improve the quality of homes through new construction, renovations, energy performance, and demolition as part of the Housing Implementation Plan,” he said.
“This project will bring immediate upgrades to critical systems in the homes of military families at Fort Eustis and Fort Story,” said Mark Lavin, Executive Vice President for Balfour Beatty Communities. “Using an innovative financing approach has allowed us to deliver significant economic and environmental benefits to our communities and we look forward to extending this initiative to our other Army housing projects in the near future.”
Hannon Armstrong (NYSE: HASI), a leading investor in climate change solutions, partnered with ENGIE to provide the long-term capital for the project utilizing an ESPC model that allows the project to be funded by resulting energy savings. NV5 Energy Efficiency Services provided an independent technical review of the Investment Grade Audit and Energy Services Agreement, which included validation of project cost, savings and risk allocation.
Fort Eustis Family Homes/Fort Story Family Homes is a partnership between Balfour Beatty Communities and the U.S. Army under the Military Housing Privatization Initiative.
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About Balfour Beatty Communities
- Balfour Beatty Communities is an active owner and operator of residential real estate in the multifamily, student, and military housing sectors across the United States. Since 1999, Balfour Beatty Communities has invested in nearly 100 properties representing more than $7.9 billion of gross asset value. Our broad in-house expertise includes decades of acquisition, development, finance, renovation, leasing and property/facility management experience. Leveraging this extensive expertise and a customer service-focused approach, Balfour Beatty Communities seeks to create value in its real estate projects while delivering exceptional living experiences. For more information, visit balfourbeattycommunities.com.
- Balfour Beatty Communities is a subsidiary of Balfour Beatty Investments, Inc. and Balfour Beatty plc, a leading international infrastructure group.
About ENGIE Services U.S.
- ENGIE North America Inc. offers a range of capabilities in the United States and Canada to help customers decarbonize, decentralize and digitalize their operations. These include comprehensive services to help customers run their facilities more efficiently and optimize energy and other resource use and expense; clean power generation; energy storage; and retail energy supply that includes renewable, demand response, and on-bill financing options. Nearly 100% of the company’s power generation portfolio is low carbon or renewable. Globally, ENGIE S.A. is the largest independent power producer and energy efficiency services provider in the world, employing 170,000 people in 70 countries. For more information on ENGIE North America, please visit our LinkedIn page or Twitter feed, www.engie-na.com and www.engie.com.
About Hannon Armstrong
- Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate change solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of June 30, 2020. Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.