TRC

Recent News & Press Releases

Press Release

TRC names Simon Wooler SVP in Oil & Gas Sector

Wooler to lead TRC field services, engineering operations practice groups

LOWELL, Mass., and HOUSTON, July 7, 2017 – TRC Companies Inc., a recognized leader in engineering, environmental consulting and construction-management services, announced today it has named industry leader Simon Wooler as Senior Vice President of Engineering and Field Services within TRC’s Oil & Gas Sector.

Mr. Wooler has more than 30 years of experience in business leadership and project execution for the oil & gas, pipeline, chemical, and petrochemical markets in the United States and globally. Most recently Mr. Wooler managed 2,500-employees in a $500 million onshore business unit, overseeing engineering, procurement, and construction management services for services for the upstream, midstream, downstream and industrial markets. .

Ed Wiegele, TRC Senior Vice President and Oil & Gas Sector Director, said: “We’re excited to welcome Simon and his deep industry expertise to TRC. We are confident he can accelerate our success serving a growing roster of Oil & Gas clients and enhance TRC’s overall execution on its long-term growth strategy.’’

Mr. Wooler will be based in Houston and will oversee TRC’s Field Services Operations and Engineering Operations national practice groups.

Mr. Wooler said: “TRC is well known as an innovative, responsive firm that solves complex challenges and delivers results clients can rely on. I look forward to helping lead the entire team in building and growing TRC’s Oil & Gas business.”

Mr. Wooler graduated from Hatfield Polytechnic (University of Hertfordshire) in 1985 with a Bachelor of Science in physics and engineering science.

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TRC Names Ana Eisenhauer as Vice President of Marketing

Lowell, Mass. – [July 6, 2017] – TRC Companies Inc., a recognized leader in engineering, environmental consulting and construction management services, announced today that Ana Eisenhauer has joined as Vice President of Marketing. In this role, she will lead all marketing strategy development and execution for TRC to enhance the Company’s brand recognition.  

“Ana’s cutting-edge strategic marketing know-how and deep technical background are the right combination to elevate TRC’s approach to marketing ourselves and providing a new level of communication with our clients across the country,” said Chris Vincze, TRC’s Chairman and Chief Executive Officer. “Ana will help to ensure that TRC remains a step ahead when it comes to reaching and engaging with prospective clients.”

Throughout her career, Ms. Eisenhauer has guided the development and implementation of functional strategies and strategic initiatives that support company and business goals in market leadership and aggressive growth. During her time as Director of Marketing and Strategy at KBR, Inc., she managed worldwide marketing communications and promotion plans to position the company as a global thought leader and to maximize market awareness. Prior to KBR, Inc., Ms. Eisenhauer worked in several areas within The Dow Chemical Company, including Process and Production Engineering, Project Management, Six Sigma, Business Development and Marketing.

“TRC is a dynamic company, focused on the key market segments that will enable continued, fast-paced growth and visibility,” said Ms. Eisenhauer. “I am very pleased to join the team and I look forward to being part of an exciting journey.”

Eisenhauer earned a bachelor’s degree in chemical engineering from the Universidade Federal de Pernambuco in Recife, Brazil and also holds an M.B.A from the University of Texas at Austin. She is currently in the process of relocating from Houston, TX to Boston, MA. 

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TRC Completes Merger With Affiliates of New Mountain Capital

LOWELL, Mass., June 21, 2017 —  TRC Companies, Inc. (NYSE: TRR) (“TRC”), a recognized leader in engineering, environmental consulting and construction-management services, today announced it has completed the previously announced merger with affiliates of New Mountain Partners IV, L.P. (“NMC”), an investment fund managed by New Mountain Capital, L.L.C. As a result of the transaction, NMC acquired TRC for $17.55 per share in cash. TRC shares will be delisted from the NYSE and will no longer be publicly traded.

“The completion of this transaction marks the beginning of a new chapter for TRC and is an important step in executing on our long-term growth strategy,” said TRC Chairman and Chief Executive Officer Chris Vincze. “There is an immense need for creative thinking to help solve some of the world’s toughest infrastructure and energy challenges and, with NMC’s partnership, TRC is well-positioned to do just that. NMC’s financial strength and strategic relationships will help us strengthen our commitment to our clients, increase professional opportunities for our staff and accelerate our culture of innovation — all with the intent of building a more valuable company.”

Houlihan Lokey Capital, Inc. acted as financial advisor to TRC and Covington & Burling LLP acted as legal advisor to TRC.

Barclays Capital Inc. and UBS Securities LLC acted as M&A advisors to NMC and Kirkland & Ellis LLP acted as legal advisor to NMC. NMC also received M&A and industry advice from EFCG (Environmental Financial Consulting Group).

About TRC

A pioneer in groundbreaking scientific and engineering developments since the 1960s, TRC (www.TRCsolutions.com) is a national engineering, environmental consulting and construction management firm that provides integrated services to the power, environmental, infrastructure and oil and gas markets. TRC serves a broad range of commercial, industrial and government clients, implementing complex projects from initial concept to delivery and operation. TRC delivers results that enable clients to achieve success in a complex and changing world.  Follow us on Twitter at @TRC_Companies and on LinkedIn.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity and credit funds with approximately $15 billion in aggregate capital commitments. New Mountain Capital seeks out what it believes to be the highest-quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.


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TRC Awarded $2.5 Million North Carolina Natural Gas Transmission Line Contract

PSNC Energy will use Integra Link™ for multi-stakeholder coordination

LOWELL, Mass., May 12, 2017 — TRC Companies, Inc., a recognized leader in engineering, environmental consulting and construction-management services, announced today it has been awarded a $2.5 million contract to provide engineering and construction support to PSNC Energy for its 40-mile Franklin and Wake County Extension Project to meet strong demand for natural gas in North Carolina.

“TRC has been honored to serve PSNC Energy for several years, and we are excited to support its work to increase the availability of clean, reliable and affordable natural gas for customers in this fast-growing part of North Carolina,” said TRC Chairman and Chief Executive Officer Chris Vincze. “Integra Link is the ideal platform for infrastructure owners, regulators and other stakeholders to get timely, accurate information at all times about the progress of the project.”

As part of the contract, TRC will deploy its industry-leading Integra Link™ project data management platform to give PSNC and third-party stakeholders up-to-the-minute access to complete and verified information including pipeline routing, field data, environmental compliance, inspection reports and other key data. The data can be accessed from desktops, smartphones, tablets and other devices.

PSNC Energy, a SCANA company, is developing the 40-mile extension of 20-inch transmission line to meet increasing demand for natural gas due to residential, commercial and industrial growth in Franklin and Wake counties. Construction is expected to begin next fall with an expected completion by summer 2019.

TRC maintains five offices in North Carolina, including two each in Asheville and Chapel Hill and a fifth in Raleigh.

About PSNC Energy
PSNC Energy, headquartered in Gastonia, N.C., is franchised to serve a 28-county service area in North Carolina. The utility distributes natural gas to more than 550,000 customers in 96 cities and communities, including the Raleigh, Durham and Chapel Hill areas in the north central part of the state; the Concord, Statesville, Gastonia and Forest City areas in the Piedmont; and the Asheville, Hendersonville, Brevard and Sylva areas in the western part of the state. More information about PSNC Energy is available through the company’s website at psncenergy.com, Twitter and Facebook.

About TRC
A pioneer in groundbreaking scientific and engineering developments since the 1960s, TRC is a national engineering, environmental consulting and construction management firm that provides integrated services to the power, environmental, infrastructure and oil and gas markets. TRC serves a broad range of commercial, industrial and government clients, implementing complex projects from initial concept to delivery and operation. TRC delivers results that enable clients to achieve success in a complex and changing world. Follow us on Twitter @TRC_Companies and on LinkedIn.

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TRC Awarded $14.2 Million Los Angeles Power Plant Decommissioning Contract

LADWP Scattergood Unit 3 to be Razed Without Impact to Adjacent, Still-operating Units

LOS ANGELES, CA -- (Marketwired) -- 04/12/17 -- TRC Companies, Inc., a recognized leader in engineering, environmental consulting and construction-management services, announced it has won a $14.2 million contract to decommission one of three generating units at a major Los Angeles power plant, while the two other units remain in full service.

TRC will serve as general contractor for the decommissioning and razing of the Los Angeles Department of Water and Power (LADWP) Scattergood Unit 3, while ensuring no impact to the ongoing operations of the adjacent Scattergood Units 1 and 2. Those two natural-gas-powered units generate up to 830 megawatts, or enough to power more than 600,000 Westside Los Angeles homes.

"We are proud to support LADWP to successfully complete this challenging project," said Chris Vincze, TRC's Chairman and Chief Executive Officer. "Our innovative decommissioning plan supports our client, its customers and the local community by emphasizing safety and ensuring no interruption to Los Angeles' critical electricity supply."

"The modernization of Scattergood Generating Station is a key element of LADWP's major power supply transformation under its Power Supply Reliability Program," said Reiko Kerr, Senior Assistant General Manager of the Power System, LADWP. "Our collaboration with TRC ensures that the important work of decommissioning Scattergood Unit 3 will be performed in a safe and environmentally friendly manner. The work is a significant milestone in LADWP's transition toward a clean energy future for City of Los Angeles."

Working within a tight footprint at the 55-acre LADWP complex in the Playa Del Rey section, TRC will lead the project to safely remove asbestos and lead paint from Scattergood 3, dismantle its 330-foot-tall stack, 480 megawatt generator and control room and boiler. TRC will provide full-time on-site project management, superintendent, health and safety officer, document control, waste specialist, and cost and schedule personnel for the project.

The LADWP contract mandates that Scattergood Units 1 and 2 remain able to operate fully at all times during the work. Scheduled contract completion is February 2, 2018.

About LADWP
Founded in 1902, the Los Angeles Department of Water and Power is the nation's largest municipal utility, delivering water and power to approximately 4 million residents of the Greater Los Angeles area. The department is overseen by a board of five commissioners appointed by the Mayor of Los Angeles and confirmed by the Los Angeles City Council.

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TRC Acquires CALTROP Corp.

Acquisition Supports Growth of Infrastructure Engineering Inspection and Construction Management Services

LOWELL, Mass. – April 4, 2017 - TRC Companies, Inc. today announced it purchased all of the outstanding stock of CALTROP Corp. in an all-cash transaction. Headquartered in Riverside, California, Caltrop brings 170 total employees providing engineering, public relations, construction management and inspection services to customers in the transportation infrastructure market. Financial terms of the agreement were not disclosed. TRC expects the transaction to be immediately accretive to earnings.  

“The acquisition of Caltrop will enable TRC to capitalize on the growing opportunities for construction management and construction engineering inspection services in California, New York, Florida and Texas, particularly for large public works and transportation projects,” said Chris Vincze, TRC’s Chairman and Chief Executive Officer. “Caltrop adds technical experience and regional knowledge, while augmenting TRC’s already-strong reputation in these growing geographic markets. In addition, Caltrop has fabrication inspection capabilities in China and the United Kingdom.” 

“Caltrop expands our capabilities to support larger-scale projects,” said Doug Massih, SVP and Infrastructure Sector Leader. “We are adding depth of experience in engineering and metallurgy, as well as expertise in airports, a new market for TRC.” 
Caltrop has been providing professional program, project and construction management consulting services since 1988. Besides Riverside, it has locations in the California cities of Irvine, Sacramento and San Diego, as well as Jacksonville, Florida, New York City, and Shanghai.   

“This is an exciting opportunity for Caltrop employees to join a leading national firm like TRC, whose values, culture and approach to client solutions align so closely with our own,” said David Saber, CEO of Caltrop. “We are very proud of the contributions Caltrop has made to our clients and community. Going forward, TRC offers us an incredible platform for future growth and gives our people opportunities to pursue diverse, large-scale projects worldwide.”

Forward-Looking Statements 

Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or other words of similar import. You should consider statements that contain these words carefully because they discuss TRC’s future expectations, contain projections of the Company’s future results of operations or of its financial condition, or state other "forward-looking" information. TRC believes that it is important to communicate its future expectations to its investors. However, there may be events in the future that the Company is not able to accurately predict or control and that may cause its actual results to differ materially from the expectations described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, circumstances which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments; regulatory uncertainty; the availability of funding for government projects; the level of demand for TRC’s services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled and qualified personnel; the availability and adequacy of insurance; capital availability and project investment by TRC’s clients; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See the risk factors and additional discussion in TRC’s Annual Report on Form 10-K for the fiscal year ended June 30, 2016, and other factors included from time to time in the Company’s other filings with the Securities and Exchange Commission. 

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TRC Enters into Definitive Agreement With New Mountain Capital to Become a Private Company

TRC Stockholders to receive $17.55 per share of common stock in cash. Transaction provides significant value to shareholders and positions TRC to invest in and capitalize on long-term growth opportunities.

LOWELL, Mass. – March 31, 2017 - TRC Companies, Inc. today announced that it has entered into a definitive merger agreement with affiliates of New Mountain Partners IV, L.P., an investment fund managed by New Mountain Capital, LLC, a leading growth-oriented investment firm headquartered in New York, under which New Mountain will acquire TRC in an all cash transaction valued at $17.55 per share of common stock.  This represents a significant premium over the 90-day average.

The merger agreement and the transaction has been unanimously approved by TRC’s Board of Directors.

TRC is a leading engineering, environmental consulting and construction management firm that provides integrated services to the power, environmental, infrastructure and oil and gas markets.  With more than 4,100 staff at more than 120 offices in the U.S. and the U.K, TRC serves a broad range of commercial, industrial and government clients, implementing complex projects from initial concept to operations.

“This transaction will deliver immediate value to our shareholders while enabling TRC to continue to pursue its long-term growth strategy,” said TRC Chairman and Chief Executive Officer Chris Vincze. “We are confident this partnership with New Mountain Capital represents the best path forward for all of TRC’s stakeholders.  New Mountain’s culture and values are aligned to our own and I believe their growth-oriented investment approach, extensive industry experience and reputation for integrity differentiate them as the ideal partner for TRC.”

“We believe TRC is a leading platform in the industry and have been highly impressed with the Company’s best-in-class talent, exceptional culture and proven leadership team,” said Lars Johansson of New Mountain Capital. “The Company has a successful track record of delivering the highest quality solutions to its customers, which we believe is crucial to their success.  TRC has shown the ability to grow both organically and through acquisitions, and New Mountain is excited to support management’s existing strategy and their goal of being the #1 North American engineering and construction management firm.”  

Matt Holt of New Mountain Capital added, “New Mountain identified the infrastructure services sector for prospective investment many years ago, and we believe it is a highly attractive industry with significant growth potential.  We have been methodically studying the market for opportunities, and we selected TRC as the ideal platform to build a differentiated leader across the Power, Environmental, Energy and Transportation verticals.  We admire what the leadership team of TRC has built and we look forward to working with them to support an accelerated growth plan.  Our approach emphasizes growth and business building over financial engineering, and we believe this partnership will create significant value for all stakeholders including customers, partners and the TRC employees.”

New Mountain plans to operate TRC as a standalone business operation with the current management team remaining in place.

“TRC’s success has been built on the deep expertise and knowledge base of our employees, and they remain our greatest asset and priority,” Vincze continued. “We are confident that under our new ownership our clients will continue to experience the exceptional service they expect from TRC.”

Completion of the transaction is subject to customary closing conditions, including the approval of TRC’s stockholders and expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.  The transaction is expected to be completed prior to June 30, 2017. 

Houlihan Lokey Capital, Inc. is acting as financial advisor to TRC and Covington & Burling LLP is acting as legal advisor to TRC.

Barclays is acting as M&A advisor to New Mountain and Kirkland & Ellis LLP is acting as legal advisor to New Mountain.  New Mountain also received M&A and industry advice from EFCG (Environmental Financial Consulting Group).

About TRC

A pioneer in groundbreaking scientific and engineering developments since the 1960s, TRC is a national engineering, environmental consulting and construction management firm that provides integrated services to the power, environmental, infrastructure and oil and gas markets. TRC serves a broad range of commercial, industrial and government clients, implementing complex projects from initial concept to delivery and operation. TRC delivers results that enable clients to achieve success in a complex and changing world. TRC trades on the NYSE under the symbol TRR. For more information, visit TRC's website at www.trcsolutions.com, follow us on Twitter at @TRC_Companies or find us on LinkedIn.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity and credit funds with approximately $15 billion in aggregate capital commitments. New Mountain seeks out what it believes to be the highest-quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.

Forward-Looking Statements

Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to the proposed transaction and business combination between New Mountain Partners and TRC, including statements regarding the benefits of the transaction and the anticipated timing of the transaction. Investors can generally identify these statements by forward-looking words such as “may,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” or other words of similar import. Investors should consider statements that contain these words carefully because they discuss TRC’s future expectations, contain projections of TRC’s future results of operations or of its financial condition, or state other “forward-looking” information. There may be events in the future that TRC is not able to accurately predict or control and that may cause its actual results to differ materially from the expectations described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect TRC’s business and the price of the common stock of TRC, (ii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of TRC and the receipt of certain governmental and regulatory approvals, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (iv) the effect of the announcement or pendency of the transaction on TRC’s business relationships, operating results, and business generally, (v) risks that the proposed transaction disrupts current plans and operations of TRC and potential difficulties in TRC’s employee retention as a result of the transaction, (vi) risks related to diverting management’s attention from TRC’s ongoing business operations, (vii) the outcome of any legal proceedings that may be instituted against TRC, its officers or directors related to the merger agreement or the transaction, (viii) the possibility that competing offers or acquisition proposals for TRC will be made; and, (ix) the ability of New Mountain to implement its plans, forecasts, and other expectations with respect to TRC’s business after the completion of the proposed merger and realize additional opportunities for growth and innovation. In addition, please refer to the Company’s reports filed with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2016, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These filings identify and address other important risks and uncertainties that could cause events and results to differ materially from those contained in the forward-looking statements set forth in this communication. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Additional Information About the Transaction and Where to Find it

This communication may be deemed solicitation material in respect of the proposed acquisition of TRC by New Mountain Capital. TRC intends to file with the SEC and mail to its stockholders a definitive proxy statement in connection with the proposed transactions. This communication does not constitute a solicitation of any vote or approval.  THE COMPANY’S STOCKHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSED MERGER.  Investors and stockholders may obtain a free copy of the proxy statement and other documents filed with the SEC (when they become available) from the SEC’s website at www.sec.gov or by accessing the Company’s website at www.trcsolutions.com. 

Certain Information Concerning Participants

TRC, its directors, executive officers and certain other members of management and employees of TRC may be deemed to be participants in the solicitation of proxies from TRC’s stockholders with respect to the proposed transactions.  Information about such persons who may, under the rules of the SEC, be considered participants in the solicitation of TRC’s stockholders in connection with the proposed transactions, and any interest they have in the proposed transactions, will be set forth in TRC’s definitive proxy statement when it is filed with the SEC.  You can find additional information about TRC’s directors and executive officers in the Company’s definitive proxy statement for its 2016 Annual Meeting of Stockholders, which was filed with the SEC on October 18, 2016, and its Annual Report on Form 10-K for the year ended June 30, 2016, which was filed with the SEC on August 31, 2016.  These documents (when available) may be obtained as indicated above.

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TRC Names Oil and Gas Industry Leaders to Integrity Management Practice

DeWitt Burdeaux and Lane Miller will bolster TRC’s training and regulatory compliance focus on infrastructure safety

LOWELL, Mass., March 29, 2017 -- TRC Companies, Inc., a recognized leader in engineering, environmental consulting and construction-management services, announced today that oil and gas pipeline industry veterans DeWitt Burdeaux and Lane Miller have joined TRC’s Integrity Services Practice as Training and Market Directors.

Miller and Burdeaux, whose experience includes top roles in both the private sector and with the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA), will provide TRC clients with regulatory advocacy and support, compliance training, and technical consulting.

Jeff Wiese, TRC Vice President and National Practice Leader for Pipeline Integrity Services, said, “TRC has earned an unsurpassed reputation in the pipeline industry for innovative, full-cycle integrity solutions. DeWitt and Lane will deepen and broaden TRC’s capabilities to understand regulatory requirements, train operator personnel for compliance and performance, and help clients identify and pursue business opportunities. We’re proud and excited to add two industry veterans to our strong Integrity Management team. I have directly worked with each and know them to be incredibly talented.’’

As part of their new roles at TRC, they will also counsel and assist TRC clients through participation on standards committees and in the committee work of trade associations such as the Gas Piping Technology Committee (GPTC), Interstate Natural Gas Association of America (INGAA), Southern Gas Association (SGA) and others.

Miller was previously the Chief Compliance Engineer for Pacific Gas and Electric (PG&E) and also served as PG&E’s director of codes, standards and training, overseeing a 94-employee unit. He served for 27 years with PHMSA, rising from pipeline inspector and safety instructor to Director of Training and Qualifications, where he was responsible for the training of 600 federal and state pipeline inspectors. Miller has participated for 22 years as a member of the GPTC, with a special focus on developing definitive technical advisories and bulletins for GPTC members on compliance with pipeline safety regulations and guidelines.

Burdeaux was Senior Principal Consultant at G2 Integrated Solutions. He also served as a regulatory compliance specialist with FlexSteel Pipeline Technologies and as a senior pipeline safety regulatory and training specialist with both PHMSA and the Louisiana Department of Natural Resources. He has served as chair of the Gas Processors Association pipeline safety subcommittee, as a member of several American Petroleum Institute safety committees and on the pipeline safety committees of the Texas Oil & Gas Association and Texas Pipeline Alliance.


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GOVERNOR CUOMO ANNOUNCES $11 MILLION AWARDED FOR COMMUNITY MICROGRID DEVELOPMENT ACROSS NEW YORK

Projects from Across the State Will Have Access to Financing from NY Green Bank in Next Stage to Assist in Building Microgrid Energy System

GOVERNOR CUOMO ANNOUNCES $11 MILLION AWARDED FOR COMMUNITY MICROGRID DEVELOPMENT ACROSS NEW YORK 

Projects from Across the State Will Have Access to Financing from NY Green Bank in Next Stage to Assist in Building Microgrid Energy System 

Supports New York State’s Goal to Reduce Greenhouse Gas Emissions 40 Percent by 2030

Governor Andrew M. Cuomo today announced $11 million in funding for 11 microgrid projects across New York State as part of the second stage of the NY Prize Community Microgrid competition. Microgrids provide critical power backup for homes, businesses, hospitals and other vital facilities during extreme weather events and emergencies, while supporting development of on-site cutting edge renewable energy technologies. Additionally, microgrids support New York State’s goal to reduce greenhouse gas emissions 40 percent by 2030. 

"It's critical that communities across New York have reliable power to provide vital services when they are needed the most," Governor Cuomo said. "These awards will help local government modernize and harden their power infrastructure, as well as join this administration’s fight against climate change, and create a cleaner, greener, Empire State for all." 

As part of the competition, each Stage 2 winner will receive $1 million through the New York State Energy Research and Development Authority, which administers NY Prize, to conduct detailed engineering designs and business plans for a microgrid to bring local clean energy generation and backup power to their communities. In addition, winners advancing to Stage 3 of the competition will have access to financing for microgrid construction through NY Green Bank. 

"New York has been a nexus for energy innovation since Thomas Edison flipped the switch at the Pearl St. Station 133 years ago," said Lieutenant Governor Hochul. "Governor Cuomo has made it a priority to scale up New York’s clean energy and build a more resilient, affordable system. Microgrids provide critical power backup while supporting the development of on-site cutting edge renewable energy technologies, which is why we are continuing to incentivize communities through NY Prize to invest in sustainable development." 

Since community microgrids and clean energy projects are not easily financed through traditional capital providers like banks, access to NY Green Bank financing will be especially important to the completion of these critical projects. NY Green Bank is prepared to facilitate up to $50 million in financing assistance per project to Stage 3 winners subject to its investment criteria, due diligence and financial analysis. This announcement represents a significant increase in financial support for the build-out of project designs in Stage 3 of NY Prize, in addition to the $20 million available through NY Prize. Stage 3 winners are expected to be announced by the end of 2018. 

NYSERDA awarded over $8 million for Stage 1 of the competition to 83 communities across the State to conduct microgrid feasibility studies in 2015. Nearly 150 communities had applied for the initial stage of the competition. Utilities played an active role in Stage 1 of the competition by identifying “grid opportunity zones,” or geographic areas where microgrids may reduce utility system constraints, and defer expensive infrastructure investment costs.  Utilities also assisted communities and other partners with submission of their applications. Funding for Stage 1 and Stage 2 totals nearly $20 million. 

NY Prize applications came in from combinations of community organizations, local governments, non-profit entities, developers, for-profit companies and municipally owned utilities. The 11 projects receiving funding are in the following locations:

  • Capital Region: Empire State Plaza; University Heights
  • Central New York: City of Syracuse
  • Long Island: Town of Huntington; Rockville Centre; Village of Freeport
  • New York City: East Bronx; Clarkson Avenue; Sunnyside Yards
  • Southern Tier: City of Binghamton
  • Western New York: Buffalo-Niagara Medical Campus

The Town of Huntington microgrid project partners include TRC Energy Services, National Grid, PSEG Long Island, and the New York Power Authority. NYPA will provide financing directly for projects designated and implemented by the Power Authority.

For a full list of project descriptions, click here

New York State Chairman of Energy and Finance Richard Kauffman said, “Community microgrids are a vital component of Governor Cuomo’s REV strategy to modernize our energy infrastructure and ensure reliability and resiliency for the grid. NY Prize enables innovative clean energy business models developed by local communities that can be replicated across New York State, providing New Yorkers with more choice in how they get their energy while safeguarding their communities from extreme weather events." 

NYSERDA President and CEO John B. Rhodes said, "NY Prize supports Governor Cuomo’s ambitious energy agenda and will help make community energy systems stronger and more resilient. These communities are developing energy solutions that meet their local energy needs with technical designs and financial commercial plans that demonstrate REV principles in action." 

New York Power Authority President and CEO Gil C. Quiniones, said, "Microgrids are a key source of power for homes, businesses, hospitals and other vital facilities during weather events and other power outage emergencies. They are vital to our clean energy future. We need communities with creative local energy solutions – like these innovative microgrids - to partner with us in creating the energy system of today and tomorrow. These microgrid grant funds enable us as a State to move another step closer to our reliable, renewable energy goals. We, at NYPA, are especially proud to be working with the Town of Huntington as their energy advisor to help them design and plan their microgrid." 

NY Green Bank President Alfred Griffin said , "NY Green Bank is pleased to provide the opportunity for winners in the NY Prize competition to obtain innovative financing solutions for cutting-edge community microgrid projects. Community microgrids are an exciting prospective addition to NY Green Bank’s portfolio of renewable energy projects. As with all our prospective transactions, we look forward to utilizing a financing structure that encourages standardization and scaling of portfolios, which will lead to greater private market participation and ultimately to broader, less expensive and more resilient clean energy opportunities for all New Yorkers." 

Huntington Supervisor Frank P. Petrone said , "One of the lessons we learned from Superstorm Sandy was the importance of ensuring that facilities providing vital services and emergency shelter continue to have power so they can address residents’ health and safety needs. This grant takes Huntington one step closer towards ensuring that if another storm like Sandy occurs, we can seamlessly transition into our emergency mode. I thank Governor Cuomo and NYSERDA for creating the NY Prize Community Microgrid Competition and for selecting Huntington as one of the winners." 

About Reforming the Energy Vision 

Reforming the Energy Vision is Governor Andrew M. Cuomo's strategy to lead on climate change and grow New York's economy. REV is building a cleaner, more resilient and affordable energy system for all New Yorkers by stimulating investment in clean technologies like solar, wind, and energy efficiency and generating 50 percent of the state's electricity needs from renewable energy by 2030. Already, REV has driven a nearly 800 percent growth in the statewide solar market, enabled over 105,000 low-income households to permanently cut their energy bills with energy efficiency, and created thousands of jobs in manufacturing, engineering, and other clean tech sectors. REV is ensuring New York State reduces statewide greenhouse gas emissions 40 percent by 2030 and achieves the internationally-recognized target of reducing emissions 80 percent by 2050. To learn more about REV, including the Governor's $5 billion investment in clean energy technology and innovation, please visit www.ny.gov/REV4NY and follow us at @Rev4NY.

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