Energy Savings Financing for Paterson School District
McManimon, Scotland & Baumann, LLC closed a $14,535,000 energy savings lease purchase financing for the Paterson State Operated School District to fund energy conservation measures included in the Energy Savings Plan adopted by the district under the Energy Savings Improvement Program Law. The energy savings under the plan was augmented by a Power Purchase Agreement (PPA) between the district and HESP. The increased savings provided by the PPA permitted the district to undertake even more energy conservation measures under the plan, which also provided the district with needed infrastructure improvements. The school district was also assisted by Energy Systems Group (ESG), as its energy conservation company, and Phoenix Advisors, as financial advisor.
Bakari G. Lee, Andrea L. Kahn, Charles Anthony Solimine and Ted Del Guercio, III assisted with the energy savings lease purchase financing and with the Power Purchase Agreement.