Group Provides $1 Billion in Energy Funding for California Cities

A company in California will make $1 billion to help municipal governments purchase renewable energy technology.

YORBA LINDA, California, US, 2001-07-24 [SolarAccess.com] A company in California will make $1 billion to help municipal governments purchase renewable energy technology. Edge Capital Group Inc. says the money will be money can be used by cities and counties in the state to increase energy efficiency in their operations or to install green power facilities. The company offers an ‘Expense Outsourcing’ product that is self-funded and requires no investment from the municipal government. “California governments have been facing unprecedented challenges from unbudgeted, skyrocketing utility rates and rolling blackouts that drain money from the budget; damage operations and cut needed personnel and programs,” explains ECG president Scott Sossen. “Public officials need dependable power at affordable rates.” The company previously announced that it would make work with O’Hara Energy Corp. of Reno, Nevada, to make $50 million available to the city of Vallejo. The funding will allow O’Hara to install energy management systems at all city owned property to reduce energy consumption. ECG will also fund 50 MW of new generation from wind, solar, turbine, reciprocating engines and microturbine capacity and allow Vallejo to sell surplus back to the California grid. “This combination of our power aggregation and Edge Capital’s expense outsourcing is the perfect model for Vallejo or any city in California,” says Kevin Chambers, president and CEO of O’Hara Energy. Funds for the energy improvements are paid from ECG’s anticipated savings on energy costs, which come from the installation of computerized building management systems and upgraded wiring and insulation. The company uses cogeneration for heating and cooling, energy-saving lighting systems, as well as microturbines or fuel cells to generate electricity on-site at reduced prices and provide grid independence to prevent blackouts.
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