Metrus Energy Announces Project Finance Program with Key Bank
January 8th, 2020
Metrus Energy, a market leader in energy and water efficiency financing, announced today that it has secured a debt program with Key Equipment Finance, which has provided approximately $25 million in funding. Metrus expects to finance another $50 million with Key Equipment Finance for various projects in 2020. The facility is a programmatic and innovative financing structure that is customized for Metrus and its efficiency-as-a-service (EaaS) projects.
“As our business continues to grow, we’re excited to be deepening our relationship with Key Equipment Finance, which is an established leader in funding sustainability projects,” said Chris Wasley, CFO, Metrus Energy. “This designated facility will allow us to streamline the financing process and will lower the costs of doing business, thereby providing our customers with the lowest possible market rates.”
Key Equipment Finance has been Metrus’ financing partner on a number of recent EaaS projects. The work includes upgrading 35 sites that are located in 17 different states with high efficiency LED lights and building management systems. These projects will save 297 million kilowatt hours (kWh) and avoid 232,000 tons of CO2.
Metrus estimates that the total U.S market for energy efficiency retrofit projects will be approximately $60 billion over the next decade. Metrus‘ EaaS product is a proven financing structure that enables commercial, industrial and institutional customers, as well as the public sector to undertake large energy and water efficiency projects with no upfront capital outlay. The demand for EaaS projects has significantly increased as more customers understand the scope of positive impacts efficiency upgrades provide.
“The efficiency-as-a-service financing product is a terrific benefit to energy solutions providers and consumers in the commercial and industrial space,” said Brian DePonte, senior vice president, Key Equipment Finance Clean Energy. “Metrus’ innovative Energy Service Agreement will help customers save energy and money, which will create healthier buildings, and more comfortable working environments.”