Tag: Cambridge
Now is the time to triple down on renewables
Vicinity Energy Incorporates Green Loan Principles to Support Investment Funding in Green Districts
August 9, 2022 – Vicinity Energy, a decarbonization leader with the nation’s largest portfolio of district energy systems, has recently incorporated Green Loan Principles into its existing credit facilities. Vicinity will use funds from new Green Loan borrowings to support investments into eligible green projects across its district energy systems using renewable energy, waste heat, cogenerated heat, or a combination. The Green Loan Principles, initially introduced by the LSTA, APLMA, and LMA, provide a general framework of market standards and guidelines to promote the development and integrity of the Green Loan product. Vicinity intends to use the funds of the Green Loan for investments that are consistent with the EU Taxonomy technical criteria for District Energy and the Energy Efficiency category of the Green Loan Principles.
Vicinity’s lender group includes many leading global financial institutions for sustainable financing. BNP Paribas served as Green Loan Coordinator.
With a commitment to achieve net zero carbon emissions by 2050, Vicinity is electrifying its district energy systems in Boston and Cambridge, with its other locations to follow. The company’s multi-pronged decarbonization and electrification plan includes installing innovative technologies such as electric boilers, industrial-scale heat pumps, and thermal storage. As a key part of this strategy, Vicinity announced the launch of eSteam™, the first-ever carbon-free thermal energy product powered by renewable energy.
“Vicinity is on the forefront of building decarbonization. We are investing in our existing infrastructure today to provide our customers with a resilient and cost-effective option to cleanly heat and cool their buildings. Our new Green Loan financing is closely aligned with our corporate ESG objectives,” said Bill DiCroce, Vicinity’s president and chief executive officer.
“Vicinity is working collaboratively with our communities to help achieve their net zero goals. We are excited to have the partnership of financial institutions who share our commitment to sustainability,” added Matt O’Malley, chief sustainability officer of Vicinity.
“BNP Paribas is proud to support Vicinity Energy in its program to decarbonize infrastructure and invest in energy-efficient assets as a key part of the firm’s journey to net zero,” said Anne van Riel, head of sustainable finance capital markets at BNP Paribas for the Americas region.
About Vicinity Energy
Vicinity Energy is a clean energy company that owns and operates an extensive portfolio of district energy systems across the United States. Vicinity produces and distributes reliable, clean steam, hot water, and chilled water to over 250 million square feet of building space nationwide. Vicinity continuously invests in its infrastructure and the latest technologies to accelerate the decarbonization of commercial and institutional buildings in city centers. Vicinity is committed to achieving net zero carbon across its portfolio by 2050. To learn more, visit https://www.vicinityenergy.us or follow us on LinkedIn, Twitter, Instagram, or Facebook.
Media Contact
Vicinity Energy
Sara DeMille
Marketing and Communications
857-955-5073
sara.demille@vicinityenergy.us
Report Cards Come Due for Building Performance
District energy and its importance to a greener future
In this interview with Capital Analytics, Chief Customer Officer of Vicinity Energy Jackie Bliss discusses why district energy will be crucial to decarbonization efforts, as well as the current status of women leadership in the energy and utilities sector.
How century-old ‘district energy’ networks can help decarbonize cities
Vicinity Energy Recognized for Industry Growth by the International District Energy Association
TORONTO, June 7, 2022 – Vicinity Energy has been recognized by the International District Energy Association (IDEA) for the growth of its services in Baltimore, Boston, and Cambridge.
The annual award highlights industry growth, recognizing the district energy systems with the largest total number of buildings and building area in square feet committed or recommitted to district energy service by IDEA member systems. In the “Number of Buildings Committed” category, Vicinity’s Boston-Cambridge system received the Gold award, and its Baltimore system received the Bronze award. The company was also recognized for “Total Building Area Committed,” with its Boston and Cambridge system and Baltimore system winning the Silver and Bronze awards, respectively.
With a commitment to achieve net zero carbon emissions by 2050, Vicinity is actively working towards electrifying its district energy systems in Boston and Cambridge, with its other districts to follow.
The company’s multi-pronged decarbonization and electrification plan includes the installation of innovative technologies such as electric boilers, industrial-scale heat pumps, and thermal batteries. As a key part of this strategy, Vicinity Energy announced the launch of eSteam™, the first-ever carbon-free energy product powered by renewable energy.
“We are honored to be recognized by the IDEA community and value the trust that our long-term and new customers have in our teams. We are excited about the opportunity to continue district energy’s long history of innovation to propel our cities towards a clean energy future,” said Brian Mueller, chief development officer for Vicinity Energy. “We are especially thrilled that the decarbonization efforts we are making at our central facility in Cambridge, Mass. will immediately affect all the buildings we serve in lowering carbon emissions in our neighborhoods and cities.”
To read more about Vicinity’s district energy systems and its commitment to innovation and the environment, click here.
About Vicinity Energy
Vicinity Energy is a clean energy company that owns and operates an extensive portfolio of district energy systems across the United States. Vicinity produces and distributes reliable, clean steam, hot water, and chilled water to over 250 million square feet of building space nationwide. Vicinity continuously invests in its infrastructure and the latest technologies to accelerate the decarbonization of commercial and institutional buildings in city centers. Vicinity is committed to achieving net zero carbon across its portfolio by 2050. To learn more, visit https://www.vicinityenergy.us or follow us on LinkedIn, Twitter, Instagram, or Facebook.
Media Contact
Vicinity Energy
Sara DeMille
Marketing and Communications
857-955-5073
sara.demille@vicinityenergy.us
Vicinity Energy Launches Carbon-free Renewable Energy Product to Rapidly Decarbonize Buildings
BOSTON, April 7, 2022 – Vicinity Energy, a national decarbonization leader with the most extensive portfolio of district energy systems, launches eSteam™, a new innovation designed to rapidly decarbonize the highest source of emissions in major cities, commercial buildings. The company is the first in the U.S. to electrify its operations, offering renewable thermal energy by installing electric boilers, industrial-scale heat pumps, and thermal storage at its central facilities starting in Boston and Cambridge, with its other districts to follow.
Vicinity Energy centrally produces and distributes steam, hot water, and chilled water to over 230 million square feet of building space nationwide. To offer cost-competitive, renewable thermal energy to its customers, Vicinity will leverage and build upon its existing infrastructure, including its extensive network of underground pipes, electric substations, and transmission lines, which are notoriously hard to site and permit. Further, Vicinity has access to renewable power through the electric grid versus commercial buildings that purchase retail power, typically 2 to 3 times more expensive. Coupling the existing infrastructure with favorable pricing, Vicinity’s innovative approach to electrifying its operations will provide customers with a cost-effective decarbonization tool to meet sustainability goals without expensive onsite retrofits or significant capital investments.
Vicinity’s first electric asset will enter service in late 2024. At that time, the company will procure electricity from renewable, carbon-free energy sources such as wind, solar, and hydro to generate eSteam™.
By electrifying its operations and offering renewable thermal, eSteam™’s benefits include:
- The ability to leverage district energy with guaranteed carbon-free emissions
- Total flexibility in the amount selected and the renewable electricity source used to produce eSteam™
- An affordable, cost-effective energy option to achieve sustainability targets
- Carbon-neutral energy without substantial capital investments or ongoing, in-building
maintenance of equipment - Additional potential points for LEED® and ENERGY STAR® certifications
- Continued reliability and resiliency from the district energy system
Vicinity’s eSteam™ will provide customers with another option to cleanly heat and cool their buildings. Commercial buildings will no longer need natural gas boilers, eliminating unregulated gas stacks and unmonitored carbon emissions in our neighborhoods, reducing carbon and improving overall air quality.
“We’re thrilled to be the first district energy company in the United States to bring renewable thermal energy to our customers. Our operations are incredibly flexible, so we can quickly pivot to electrification and offer an innovative, affordable, carbon-free path for commercial building owners with eSteam™,” said Bill DiCroce, president and chief executive officer of Vicinity Energy. “This is game-changing for our communities.”
“We applaud the aggressive efforts of Vicinity Energy to decarbonize their Boston steam system,” says John Cleveland, Senior Advisor to the Boston Green Ribbon Commission. Vicinity Energy CEO Bill DiCroce has been a long-term member of the Commission. “Success on this front will make a major contribution to Boston’s goal of carbon neutrality by 2050 and set a bold example for other district energy systems across the country. It is a great example of what can be accomplished with public-private alignment.”
“There’s no place for gas in a climate-safe future,” said Andee Krasner, on behalf of Mothers Out Front – Boston. “We are excited Vicinity Energy plans to transition away from natural gas
to renewable, clean energy, which will enable commercial buildings to reduce carbon emissions and improve air quality in our communities.”
“Since we announced our commitment to net zero in the fall of 2020, we have evaluated many technical options and conducted numerous feasibility studies to develop a robust, executable Clean Energy Future roadmap,” states Kevin Hagerty, chief technical officer of Vicinity Energy. “We are procuring equipment today to make renewable thermal energy a reality within the next 24 months in Boston and Cambridge. And we’re not stopping there. We’ll be electrifying and introducing eSteam™ in other districts and continuing to innovate to meet decarbonization goals.”
“In cities like Boston and Cambridge, buildings account for nearly 70% of all greenhouse gas emissions,” said Matt O’Malley, Vicinity’s first-ever chief sustainability officer. “Vicinity is uniquely poised to serve as a national leader in building decarbonization. The time for action is now. Our customers want it, our cities are asking for it, and our planet demands it.”
About Vicinity Energy
Vicinity Energy is a clean energy company that owns and operates an extensive portfolio of district energy systems across the United States. Vicinity produces and distributes reliable, clean steam, hot water, and chilled water to over 250 million square feet of building space nationwide. Vicinity continuously invests in its infrastructure and the latest technologies to accelerate the decarbonization of commercial and institutional buildings in city centers. Vicinity is committed to achieving net zero carbon across its portfolio by 2050. To learn more, visit https://www.vicinityenergy.us or follow us on LinkedIn, Twitter, Instagram, or Facebook.
Media Contact
Vicinity Energy
Sara DeMille
Marketing and Communications
857-955-5073
sara.demille@vicinityenergy.us
How District Energy Can Support the Transition from Empty Offices to Thriving Laboratories
Vicinity Energy Shifts Boston District Energy Facilities to 100% Emissions-Free Electricity, Accelerating its Progress to Net Zero
BOSTON, December 16, 2021 – Vicinity Energy, owner of the nation’s largest portfolio of district energy systems, has entered into an agreement with Constellation, a leading competitive energy provider, to purchase Emission-Free Energy Certificates (EFECs) to match 100% of its annual Boston-Cambridge electricity use starting December 2021.
With this agreement, the company has transitioned to purchasing 100% emissions-free electricity, eliminating 3,132 metric tons of carbon emissions associated with the company’s electricity use annually.
Vicinity has invested over $110 million in a series of infrastructure projects to improve efficiencies and reduce environmental impacts in Boston and Cambridge, a region it has served for over 90 years with reliable green steam. By implementing a cleaner energy mix and continuously investing in the city’s infrastructure to reduce carbon impacts, Vicinity reduces greenhouse gas emissions in Boston-Cambridge by over 165,000 tons annually, the equivalent of removing 36,000 cars from the road each year.
“This is another step forward in our goal to reach net zero carbon emissions,” said Bill DiCroce, CEO and president of Vicinity Energy. “We were inspired by the number of energy suppliers who took part in our RFP to procure emissions-free electricity and encouraged by the region-wide push toward greener energy. We chose Constellation because of its unique product offering and ability to supply emissions-free energy for our entire Boston-Cambridge district, which includes over 230 customers, from major research labs, universities to government buildings. We’re proud to keep Boston safe and warm during the winter months, and even prouder to do be marching forward on our path to net zero.”
This announcement is one of many key sustainability moves by Vicinity this year, including plans to electrify its Boston district energy steam facilities and its novel use of biogenic fuels in its operations.
“Constellation is pleased to offer clean energy solutions that support our customer’s sustainability goals,” said Daniel J. Verbanac, senior vice president of retail, for Constellation. “Voluntarily matching electricity supply requirements with carbon-free power generation sources such as nuclear encourages the use of clean, emission-free fuels, and demonstrates a commitment to the environment.”
EFECs represent the emissions-free attributes of generating sources that do not directly emit greenhouse gases, such as sulfur dioxide, nitrogen oxide, or carbon dioxide. The EFECs purchased by Vicinity Energy are sourced from facilities located in the PJM Interconnection grid territory. EFECs are tracked and reported through PJM Environmental Information Services’ Generation Attribute Tracking System (GATS).
About Vicinity Energy
Vicinity Energy is a clean energy company that owns and operates an extensive portfolio of district energy systems across the United States. Vicinity produces and distributes reliable, clean steam, hot water, and chilled water to over 250 million square feet of building space nationwide. Vicinity continuously invests in its infrastructure and the latest technologies to accelerate the decarbonization of commercial and institutional buildings in city centers. Vicinity is committed to achieving net zero carbon across its portfolio by 2050. To learn more, visit https://www.vicinityenergy.us or follow us on LinkedIn, Twitter, Instagram, or Facebook.
About Constellation
Constellation is a leading competitive retail supplier of power, natural gas, and clean energy solutions for homes and businesses across the continental United States. Constellation’s family of retail businesses serves approximately 2 million residential, public sector, and business customers, including more than two-thirds of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (Nasdaq: EXC), the nation’s leading competitive energy provider, with 2020 revenues of approximately $33 billion, and more than 30,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
Media Contact
Vicinity Energy
Sara DeMille
Marketing and Communications
857-955-5073
sara.demille@vicinityenergy.us
