Kuakini Medical Center Selects Energi

Energi, a provider of risk management and insurance programs for the energy industry, announced it will provide coverage for energy efficiency retrofits at the Kuakini Medical Center in Honolulu.

According to a release, Metrus Energy, an efficiency services financer, will finance and implement $5.8 million in energy upgrades at the medical center, including a new central cooling and heating plant, lighting upgrades and energy management and controls system.

"Acceptable risk is the biggest obstacle to financing every efficiency project," said Bob Hinkle, Metrus Energy President and CEO. "Energi's Energy Savings Warranty was a key part of guaranteeing this project's performance and unlocking Metrus' largest deal to date-all with no upfront cost to Kuakini. With risk mitigation from Energi's warranty, Metrus can continue to deepen its project pipeline and add to our ESA portfolio which stretches from New Hampshire to Hawaii."

Kuakini will pay Metrus for realized energy savings once the project becomes operational. Metrus has partnered with Energy Industries Corp. for project installation and ongoing maintenance, and New Resource Bank as its debt financier. Energi's Energy Savings Warranty will backstop the project performance guarantee offered by Energy Industries to Metrus.

"Hawaii is an emerging leader in renewable energy, and more projects like Kuakini will help to make us a leader in energy efficiency as well," said Duane Ashimine, President and COO of Energy Industries Corp. "The size and scope of the Kuakini retrofits attest to the power of combining the expertise of an established energy efficiency company with the credibility of a national partner like Metrus. Energi's ESW program validated and guaranteed our energy savings with Metrus and put this project on the fast track."

"Kuakini will be our first time using Energi's ESW, and we view this enhancement as a critical component of the financing structure," said Bill Peterson, Executive Vice President at New Resource Bank. "The warranty significantly lowers the risk of default, which benefits all project parties."

Energi's Energy Savings Warranty program is written through the International Insurance Company of Hannover.

"For efficiency to transform the market, we need more large projects to be developed-and not be limited by the number of large contractors and financiers," said Kevin Kaminski, Energi's Senior Vice President of Alternative Energy Solutions. "Since we created ESW, it has been a critical-and often, necessary-tool for small to mid-size energy efficiency contractors looking to finance large projects. The added security of our financial strength, and third- party verification of the engineering work and contractual language, provides a backstop that many financial institutions view as a critical component of the project's bankability."

Energi Programs are offered directly or through a select network of independent insurance agents and brokers, and are available in all 50 states. Energi worked in conjunction with insurance agents Owen-Dunn Insurance Services.

"We see energy efficiency as an industry that's growing rapidly in size and importance," said Doug Esposito, Owen-Dunn's practice leader. "A key part of Owen-Dunn's success in every sector is tailored, strategic risk management solutions. Energi's products- like the ESW-help us to offer superior solutions to our customers."

Energi is a reinsurance company.

Metrus Energy, Inc. provides capital, project development and asset management services for energy efficiency projects.

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