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Nov. 18, 2020

Balfour Beatty Communities and ENGIE Launch $12 Million Army Housing Energy Efficiency Project

Balfour Beatty Communities and ENGIE Launch  $12 Million Army Housing Energy Efficiency Project
Project will enhance energy performance of more than 1,000 military family homes at Fort Eustis and Fort Story in Virginia

Balfour Beatty Communities, a leading residential real estate investment and management company, and ENGIE , an international energy group and global leader in low-carbon energy and services, today announced the Fort Eustis/Fort Story privatized military housing project has executed a $12.2 million contract to improve the energy performance of more than 1,000 privatized Army homes at Fort Eustis and Fort Story in Virginia.

The project will deliver turnkey energy efficiency improvements through a self-funding Energy Savings Performance Contract (ESPC). Upgrades will include new, highly-efficient HVAC systems equipped with modern thermostats and humidity-sensing bathroom exhaust fan switches, which will make the homes more comfortable to live in, reduce mechanical outages, and standardize equipment across the portfolio which will reduce operating and maintenance costs. The project will also improve the homes with weatherization sealing, and provide comprehensive water efficiency and energy upgrades through domestic water retrofits and LED lighting technology. Construction will begin in November 2020 and is expected to be completed in the fall of 2021.

Lt. Gen. Doug Gabram, Commanding General of U.S. Army Installation Management Command, along with leaders at all levels of the Army are working with Balfour Beatty Communities to provide safe and quality housing for Soldiers and their families. “The Army is proud of BBC’s engagement in developing wide-ranging investment plans to improve the quality of homes through new construction, renovations, energy performance, and demolition as part of the Housing Implementation Plan,” he said.

“This project will bring immediate upgrades to critical systems in the homes of military families at Fort Eustis and Fort Story,” said Mark Lavin, Executive Vice President for Balfour Beatty Communities. “Using an innovative financing approach has allowed us to deliver significant economic and environmental benefits to our communities and we look forward to extending this initiative to our other Army housing projects in the near future.”

Hannon Armstrong (NYSE: HASI), a leading investor in climate change solutions, partnered with ENGIE to provide the long-term capital for the project utilizing an ESPC model that allows the project to be funded by resulting energy savings. NV5 Energy Efficiency Services provided an independent technical review of the Investment Grade Audit and Energy Services Agreement, which included validation of project cost, savings and risk allocation.

Fort Eustis Family Homes/Fort Story Family Homes is a partnership between Balfour Beatty Communities and the U.S. Army under the Military Housing Privatization Initiative.

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