Aimco's Philadelphia Apartment Buildings Launch Green Energy Systems

First PA Cogeneration Project Completed Through State's Green Works Grant Program

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Apartment Investment and Management Company (Aimco)

Dec 14, 2010, 11:00 ET

PHILADELPHIA, Dec. 14, 2010 /PRNewswire-FirstCall/ -- Apartment Investment and Management Company (Aimco) has installed cogeneration (combined heat and power) plants in three of its apartment buildings in the City of Philadelphia. Made possible through a public-private partnership and funded by a $1 million competitive, matching grant from the State of Pennsylvania's Green Energy Works! Program, Chestnut Hall (3900 Chestnut St.), The Sterling Apartment Homes (1815 JFK Blvd.), and University Square (3901 Market St.) have activated energy efficient, "green" Combined Heat and Power (CHP) systems to provide electricity, hot water and heat. Aimco is the first of the state's CHP grantees to complete its projects, just in time for peak heating season.

"Aimco's innovative effort not only conserves resources and protects the environment, but also contributes to Pennsylvania's continued goal of becoming less dependent on traditional forms of energy production," said Governor Edward G. Rendell. "This is a wonderful example of how government and business can work together to implement alternative strategies to meet growing energy needs."

CHP technology simultaneously produces useable heat and electricity from one fuel source, in this case natural gas. By using CHP technology, Aimco is increasing system efficiencies and reducing the carbon footprints of the buildings. "The systems we've installed in our apartment buildings will yield combined electrical and thermal efficiencies of nearly 85%, as compared to 33% from traditional centralized electric power stations," said Aimco Vice President of Energy Martin Sprang. "With the state grant and support of the Department of Environmental Protection, we are able to reduce the load on the City's power grid and cut our carbon emissions by 2,500 tons. The Philadelphia co-generation project is but one example of more than 150 energy conservation efforts our company is engaged in across the country. These projects are a win for everyone: they support the sustainability of our communities, provide benefits to residents and Aimco alike, cut costs and reduce our carbon footprint."

"I appreciate companies like Aimco that understand the need to preserve our limited resources by choosing green energy systems," said State Senator Vincent J. Hughes, 7th Senatorial District. "I encourage all building owners in our region to explore innovative, responsible methods to generate power and help solve our energy problem."

Aimco worked in partnership with Aegis Energy Services to complete an in-depth energy analysis and comprehensive plan to integrate each system into the buildings' existing infrastructures. While having installed and operated cogeneration systems in various parts of the country, the initiative with Aimco represents Aegis' first project in Philadelphia.

"The new, efficient heating and electrical systems are not only environmentally responsible, but, more importantly, cost-effective and reliable for the residents of Aimco apartments," said City Councilwoman Jannie L. Blackwell, 3rd District. "By working together as elected officials, businesses and citizens we have been able to implement energy solutions that benefit us all."

Aegis Energy Services, Inc. is the largest CHP company in the northeast. Since 1985, the company has been dedicated to reducing energy costs for its clients by manufacturing, designing, installing, maintaining, and operating hundreds of modular cogeneration systems.

Aimco, a real estate investment trust headquartered in Denver, Colorado, is one of the largest owners and operators of conventional and affordable apartment communities in the United States, with 801 properties serving approximately 500,000 residents each year. Aimco's properties are located in 43 states, the District of Columbia and Puerto Rico.

SOURCE Apartment Investment and Management Company (Aimco)