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Battery Storage at Marcus Garvey Apartments


Brooklyn , NY

Project Overview

New York City Energy Efficiency Corporation (NYCEEC)
Lender Type: 
Non-profit lender
Demand Energy SPE
Property Type: 
Deal Overview: 

Brought live in June of 2017, the system at the Marcus Garvey Apartments in Brooklyn, NY, combines rooftop solar panels, electricity-generating fuel cells and large-scale battery storage to significantly reduce the 625-unit complex’s demand on the local Consolidated Edison (Con Edison) electricity grid—while lowering operating expenses, generating revenue as well as electricity and cutting the facility’s energy-related greenhouse gas emissions. Financing the $1.3 million onsite lithium ion battery served as a pilot for NYCEEC, which regularly considers new energy technologies for its loan portfolio. NYCEEC loaned the money to a special purpose entity called Demand Energy SPE. Upon completing access to finacing, Demand Energy SPE and Marcus Garvey Partners LLC (MGP) would enter into an ESA in which MGP agreed to host an energy storage and efficiency system, and Demand Energy SPE agreed to provide, install, and operate the system.

Metering Configuration: 
Master metered
Improvements Covered: 
Renewable energy
Type of Project: 
Total Units: 

Financing Details

Financing Type: 
Total Delivery Cost: 
Loan 1 Amount: 
Loan 1 Term: 
Loan 1 Repayment Source: 
BQDM incentive, demand response revenues, and peak shaving revenues
Completion Status: 

Underwriting Considerations


Additional Information

Additional Information: 
$540,000 in incentives came from Con Edison. Security is in all equipment and incentives, and equity in SPE. Avg monthly peak demand reduction is 207 kw, and annual GHG emissions reduction is 6 Mtons CO2eq.