Balfour Beatty Energy Solutions, a subsidiary of Balfour Beatty Capital Group, will work with Lockheed Martin to pursue projects under the US Department of Energy (DOE) Energy Savings Performance Contracts (ESPC) program.
Through an agreement with Balfour Beatty Energy, Lockheed Martin seeks to enhance the range of services that it currently offers the government in the areas of construction, natural resource education programs, occupant behavior change, renewable energy development, and retro-commissioning.
DOE has approved Lockheed Martin as one of 16 companies to compete to help the Federal government reduce its energy costs and environmental impact through increased energy efficiency, water conservation, additional use of renewable energy, and improved utility management decisions at federal sites.
Lockheed Martin will conduct a comprehensive energy audit and identify improvements that will save energy at a facility, design and construct a project that meets the agency’s needs, and arrange financing to pay for it, as per the ESPC program.
Under the program, projects are required to generate savings sufficient to cover annual financing cost and generate positive annual cash flow to the government after financing obligations are retired.
Bruce Robinson, president and CEO of Balfour Beatty Capital Group, said: “We are confident that the combined expertise of our companies will serve as a strong foundation for offering effective, affordable energy savings solutions to Federal facilities.”
The Federal Energy Management Program assists federal agencies in identifying alternative financing options to implement energy efficiency, water conservation and renewable energy projects.