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Maryland Clean Energy Capital Program (MCAP)

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Case Studies

Want to learn more about specific projects and how MCEC was able to help Maryland institutions achieve their sustainability and savings goals? Dive into the MCAP case studies to see how we have leveraged private capital to deliver on behalf clients.

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A modern building complex featuring geometric glass and metal structures is situated along a waterfront. A red boat with the word "SAPEAKE" is docked nearby, and a seagull is flying in the foreground. The scene includes a clear blue sky and reflections on the water

National Aquarium – Baltimore


CHALLENGE

The National Aquarium was seeking a low-cost financing option to implement energy-saving improvements at its 250,000 square foot facility.

SOLUTION

To achieve this, MCEC connected the Aquarium with Banc of America Public Capital Corp, which provided a tax-exempt lease to fund the project.

Financing Amount: $3,400,000
Interest Rate: 3.68%
Loan Term: 15 Years

Key Improvements

  • Boiler Replacement
  • Transformer Replacement
  • HVAC Modernization
  • Water Conservation Systems

RESULTS

Through energy efficiency upgrades financed through MCAP, the National Aquarium was able to reduce its usage and received $368,000 in utility rebates.

A wide view of a university campus featuring a large green lawn bordered by trees. Pathways meander through the grass, leading to buildings in the background. The sky is clear with a few clouds

University of Maryland, College Park (UMCP)


CHALLENGE

The University of Maryland needed to find a low-cost capital source with structured project financing that would seamlessly integrate into existing funding alternatives for building efficiency upgrades on its College Park campus.

SOLUTION

To optimize flexibility, MCEC implemented a Shared Energy Savings transaction model to facilitate ownership of the project and attract tax-exempt capital from BankUnited supported by guarantees from an ESCO, Constellation NewEnergy.

Financing Amount: $18,300,000
Interest Rate: 2.60%
Loan Term: 14.5 Years

Key Improvements

  • AHU & Transformer Replacement
  • Building Envelope
  • Chill Plant Optimization
  • Upgraded HVAC
  • Energy Recovery
  • Lighting & Ventilation Controls
  • Water Conservation Systems

RESULTS

UMCP achieved $1,760,000 in projected annual energy savings as a result of reduced consumption from building upgrades.

A historic stone building with a clock tower stands prominently in the center, flanked by trees and green grass. A pathway made of bricks leads to the entrance, which features a large sign indicating a 150th anniversary celebration. The sky is blue with scattered clouds

Morgan State University (MSU)


CHALLENGE

MSU was in search of a cost-effective way to implement campus-wide energy efficiency improvements as part of a comprehensive energy and sustainability master plan.

SOLUTION

MCEC structured an Energy Performance Contract using a Shared Energy Savings mode to take third-party ownership and secure tax-exempt financing from Siemens Financial Services, with Siemens Industry guaranteeing performance and savings.

Financing Amount: $10,300,000
Interest Rate: 2.9%
Loan Term: 15 Years

Key Improvements

  • Interior, Exterior & Stadium Lighting
  • Demand Flow
  • Water Conservation Measures
  • Steam Trap Replacement
  • Boiler Upgrade
  • Ins
  • HVAC Modernization
  • Water Conservation Systems

RESULTS

With the improvements financed through MCAP, MSU achieved $268,126 in projected annual  energy savings.

A large brick building with a prominent columned entrance, surrounded by green grass and trees. In the foreground, several people are sitting on benches and lounging on the lawn, while a water feature with multiple tiers flows nearby

University of Maryland, Baltimore County (UMBC)


CHALLENGE

UMBC needed to implement energy-saving upgrades across its facilities while securing upfront capital and avoiding negative impacts on its debt profile.

SOLUTION

MCEC structured a Shared Energy Savings transaction to enable third-party ownership, connecting UMBC with tax-exempt financing from Suntrust Bank and an energy performance contract with Noresco to guaranteed savings. MCEC also entered into a loan agreement with the lender to provide 100% of capital for the project.

Financing Amount: $5,100,000
Interest Rate: 3.45%
Loan Term: 10 Years

Key Improvements

  • Energy-Efficient Lighting
  • Ventilation Control Systems
  • Irrigation Upgrades

RESULTS

UMBC received more than $629,000 in utility rebates and achieved over $693,000 in annual energy savings, exceeding projections thanks to MCEC-provided capital.

 

A sign displaying "Coppin State University" is prominently featured in front of a modern building with a mix of brick and metal siding. The sky is clear and blue

Coppin State University (CSU)


CHALLENGE

CSU was seeking to complete comprehensive energy efficiency improvements but required upfront capital and a financing solution that would not adversely affect its debt capacity.

SOLUTION

MCEC utilized its Shared Energy Savings model to facilitate third-party project ownership and secure tax-exempt financing from Suntrust Bank paired with an energy performance contract with Energy System Group guaranteeing savings.

Financing Amount: $6,200,000
Interest Rate: 3.15%
Loan Term: 15 Years

Key Improvements

  • Interior, Exterior & Stadium Lighting
  • Demand Flow
  • Water Conservation Measures
  • Steam Trap Replacement
  • Boiler Upgrade
  • Ins
  • HVAC Modernization
  • Water Conservation Systems

RESULTS

CSU realized an expectation-exceeding $609,000 in guaranteed annual energy savings, alongside $200,000 in utility rebates.

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