Baltimore-based Grant Capital Management Inc. announced Tuesday it has provided $12.7 million in funding for the implementation of a second-phase energy efficiency project at the Jersey City (N.J.) Housing Authority.
The funding covers $2.5 million in Phase 1 energy equipment and about $10 million in new energy efficiency measures. The Authority contracted Siemens Industry Inc. to purchase and install energy upgrades across 1,679 housing units throughout Jersey City.
The second-phase energy project will allow the authority to install new energy efficiency equipment that will be paid for by the project’s savings. Additionally, the authority will be saving more than $500,000 in utility costs.
Grant Capital Management is a minority owned firm that has provided more than $5 billion in lease-purchase financing and more than $1 billion within the energy efficiency market.