This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Algonquin College Gets Greener, Saves Money With Siemens Canada

20 year deal will create energy savings of $3.7 million per year once all phases completed.

OTTAWA, Jan. 21, 2014 /CNW/ - A recently signed 20-year Energy Services Contract (ESCO) between Algonquin College and Siemens Canada means Algonquin College's Ottawa campus will use less energy and produce fewer greenhouse gas emissions, cut its non-critical maintenance debt (also known as 'deferred maintenance') by up to one-half, and provide new research opportunities for Algonquin College students.

"It gives me great pleasure to sign this landmark agreement, which we believe to be an innovative guaranteed energy savings contract," says Algonquin College President Kent MacDonald. "When we issued the Request for Proposals, we had a goal of making our Ottawa campus more energy and water efficient, reducing our greenhouse gas emissions, and creating new, sustainability-related applied research opportunities for our students. This project will do all this, and more. We are thankful for the long-standing relationship between Siemens and Algonquin, and the innovative and creative minds at Siemens who have made this agreement possible."

"Siemens and Algonquin College have been working together on a variety of projects for the past 25 years, and we are pleased to be selected as Algonquin's partner for this Energy Services Contract," says Robert Hardt, President and CEO, Siemens Canada. "This contract will showcase how Siemens' innovative and sustainable building technology solutions drive economical and ecological sustainability, while also furthering learning opportunities for Algonquin College students. We look forward to collaborating with Algonquin to the mutual benefit of all stakeholders and the environment."

This ESCO project is the second energy performance savings contract for Algonquin College, with this project branded as "ESCO 2". It is of a larger scale than the first undertaking in 2007. This multi-phase project is examining renewable energy opportunities, power generation retrofits, and various other energy efficient renovations with a target of projected energy savings and revenue of $3.7m annually once all phases have been completed. The first phase contracted to Siemens will offer an estimated annual savings of close to a million dollars. These savings will be used to pay for the renovations that Siemens is installing. These upgrades will clear up as much as 50% of Algonquin College's current deferred maintenance, and consolidate several mechanical rooms that are spread across many older buildings. The power generation elements of the project have the potential to offer the College significant advantages, energy self-sufficiency and risk management in the event of a power outage.

Energy savings will also be generated through College-wide sustainability education and awareness activity coordinated by a Siemens Sustainability Coordinator resource, working closely with the College's Sustainable Algonquin Steering Committee over a five-year term. The majority of upgrades will be carried out through non-peak periods over the next two years to minimize disruption to classes and normal College activities.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs