WALTHAM, Mass., April 3, 2012 /PRNewswire/ -- American DG Energy Inc. (NYSE Amex: ADGE), a leading On‑Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, today announced that it has reached an agreement with The Community Builders, Inc. (TCB) to provide a 75 kW combined heat and power system as an On-Site Utility for West Village, an affordable housing complex in New Haven, Connecticut. West Village is an apartment building adjacent to a YMCA providing community services.
Under the terms of the agreement, American DG Energy will install the combined heat and power (CHP) system, and provide space heating, domestic hot water and pool heating to the Central Connecticut Coast complex and YMCA swimming pool at a price lower than the local energy utility. Because TCB opted for the Company's On-Site Utility energy solution, the property will pay only for the energy used and will avoid all capital, installation and operating costs. American DG Energy estimates the system will produce approximately 1,400,000 kWh of total energy annually. The value of the agreement to the Company is estimated to be $2,000,000.
TCB is a nonprofit leader in urban mixed-income community development and manages nearly 8,000 housing units at over 100 properties in 12 states. It has developed over 320 projects and completed 25,000 housing units in 15 states. West Village and its partner, the Central Connecticut Coast YMCA, are in the process of an historic renovation that has become a cornerstone of community revival. The Company estimates that the CHP system will offset over 309 tons of CO2 emissions annually from West Village – the equivalent of saving 84 acres of forest that otherwise would be destroyed by CO2 emissions, or 53 cars kept off the road annually.