Honeywell International Inc. said Tuesday it has won a contract worth up to $5 billion to supply federally owned buildings with energy and water-saving equipment over the next decade.
The contract, awarded by the Department of Energy, will be paid for out of the energy savings the federal government accrues after installation of the new equipment, an arrangement known as an Energy Savings Performance Contract....MORE
Here's the company's press release:
Honeywell (NYSE: HON) today announced that it has received an Indefinite Delivery Indefinite Quantity (IDIQ) Energy Savings Performance Contract (ESPC) from the Department of Energy. The contract allows Honeywell to implement up to
$5 billionof energy-efficiency, renewable-energy and water-conservation projects at federally owned buildings and facilities, nationally and internationally, over the next 10 years.
Honeywell received one of 16 new IDIQ ESPCs. Using ESPCs, federal agencies can pay for facility improvements through the energy savings they generate. Honeywell obtains the necessary financing and guarantees the customer savings so the work does not require an upfront investment or effect operating budgets. As a result, government agencies are able to reduce costs, cut greenhouse gas emissions, and create more efficient and comfortable facilities without additional taxpayer funding.
"This set of awards will ensure that federal agencies have access to powerful tools for alternative financing at a scale that is needed to meet our challenge of reducing energy intensity, increasing the use of renewable energy, and decreasing water consumption," said U.S. DOE Secretary
Samuel W. Bodman....MORE