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Lockheed Martin Awarded $35 Million Energy Savings Contract With U.S. Embassy In Nicaragua

Stocks in this article: LMT





ROCKVILLE, Md., July 22, 2013 /PRNewswire/ -- The Department of State has selected Lockheed Martin (NYSE: LMT) to deliver energy savings capabilities that will reduce greenhouse gas emissions and reliance on foreign energy by more than 50 percent for the U.S. Embassy in Managua, Nicaragua. 

(Logo: http://photos.prnewswire.com/prnh/20110419/PH85737LOGO-b )

Under this contract, the embassy will invest $15 million to save more than $36 million in utility expenses through the installation of 1 megawatt of solar photovoltaic generation, lighting upgrades and controls, chiller plant upgrades, building automation system optimization and transformer upgrades. On-site energy generation will increase security and reduce risk of energy cost volatility for the next 25 years.

"Lockheed Martin provides comprehensive energy services to utilities, commercial and government customers," said Roger Flanagan, director of Energy Solutions for Lockheed Martin's Information Systems & Global Solutions. "Our mission-focused management approach, international experience and security expertise will give the Nicaraguan Embassy the necessary capabilities to meet its energy and sustainability goals."

The contract is a task order under the Department of Energy's Energy Savings Performance Contracts (ESPC) indefinite delivery/indefinite quantity vehicle that allows federal agencies to accomplish energy savings projects without up-front capital costs. Instead, upgrades are financed through third-party loans that are paid back from the savings realized by the energy efficiency projects.

In 2008, the Department of Energy selected Lockheed Martin as one of 16 Super ESPC companies prequalified to compete for task orders that encompass multiple projects or facilities. The corporation implements energy efficiency, smart grid and cyber security programs across the government and industry.

Lockheed Martin takes a comprehensive approach to solving global energy and climate challenges, delivering solutions in the areas of energy efficiency, smart energy management, alternative power generation and climate monitoring. The company brings high-level capabilities in complex systems integration, project management, information technology, cyber security, and advanced manufacturing techniques to help address these challenges. Today, Lockheed Martin is partnering with customers and investing talent in clean, secure, and smart energy – enabling global security, a strong economic future, and climate protection for future generations.

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