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NextEra Energy Solutions Launches $7.5 Million Renovation Project In Mt. Pleasant Independent School District

Stocks in this article: NEE

DALLAS, Jan. 8, 2013 /PRNewswire/ -- Using an innovative financing approach, the Mt. Pleasant Independent School District (ISD) partnered with energy savings specialist NextEra Energy Solutions to upgrade lighting, replace aging HVAC equipment, lower operating and maintenance costs, and deliver a significantly improved educational environment for Mt. Pleasant students and staff. The $7.5 million project, which will benefit almost all of the district's buildings, produces a positive cash flow in each of the 15 years of the contract term. The district will see more than $500,000 per year in savings, thus exceeding the total cost of the project. Construction began in April 2012 and is scheduled to be completed by the summer of 2013.

(Logo: http://photos.prnewswire.com/prnh/20130107/CL38398LOGO ) 

Like many school districts throughout the country, the Mt. Pleasant ISD had an aging infrastructure, limited capital budgets, and expanding educational needs. Critical improvements were needed, but a bond referendum or other tax-based solution was not an option.

Working closely with the District, NextEra Energy Solutions created a multi-phase plan under which renovations would be done using a performance contracting agreement. Over the performance period of the contract, savings are guaranteed by the implementation of specific energy conservation measures (ECMs). 

Additional savings will come in the form of rebates from the local utility and by taking advantage of a Department of Education loan program. NextEra helped the school district apply for utility rebates as well as a funding mechanism known as Qualified Zone Academy Bonds (QZAB). The federal QZAB program enables qualifying schools to borrow at nominal interest rates (as low as zero percent) for costs incurred in connection with improving energy efficiency, implementing renewable energy measures, and teaching STEM (science, technology, engineering, and math) academic curricula.

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