Joint Venture with Building Energy S.p.A. to Provide ABM's Clients
Fully Integrated Renewable Services
NEW YORK--(BUSINESS WIRE)--
ABM
(NYSE:ABM), a leading provider of facility solutions, today
announced a joint venture between ABM Government Services and Building
Energy — an Italian-based independent power producer — to provide
solar energy services to large-scale commercial and utility-scale solar
power markets. The venture will bring the significant experience and
financial capabilities of two of the energy industry's leaders to ABM's
existing 20,000+ clients. ABM's energy businesses and Building Energy
have collectively generated over $1 Billion in energy services revenue
over the last five years.
The partnership will enable ABM to build on its reputation as one of the
country's leading energy service companies (ESCO), specializing in
design, installation, operations and maintenance (O&M), and unique
financial solutions for its varied client base. It will also enhance
ABM's Bundled Energy Solutions (BES) program, which has been designed as
a financial solution to meet clients' technical facility needs and
sustainability goals. For ABM, the goal is to drive costs out of a
client's operating budget to allow savings to be reallocated to fund
mission critical facility needs. Through the joint venture, ABM expects
to become one of the largest ESCO's in the country, offering a full
suite of renewable and energy efficiency services.
Building Energy S.p.A. is a world-class developer, EPC contractor and
operator of renewable energy power plants. Building Energy was awarded
the 2012 European, Middle East and Africa (EMEA) Project Finance "Best
Sustainability Deal of the Year" award for its work developing,
designing and building an 81 MW project in Kathu, South Africa. Building
Energy, much like ABM, focuses on delivering a comprehensive business
model for clients that fully integrates financing, EPC, O&M and asset
management services throughout the solar value chain. Also similar to
ABM, Building Energy self-performs the majority of its work.
"We have spent considerable effort building our energy services offering
specifically around our clients' needs, and we believe expanding our
solar and distributed energy capabilities is a critical next step
towards providing a comprehensive energy solution," said Ted O'Shea, who
will lead ABM's renewables group. "We wanted to make sure that as we
took this next step, we did so with a reputable partner with ample
experience and expertise in the solar market. Building Energy's service
offerings are highly complementary to ABM's, and they absolutely fit the
bill as a partner that will continue to build maximum value for our
clients moving forward."
Under the joint venture, ABM clients will have the advantage of working
with two companies with significant energy services experience as ABM
and Building Energy have collectively installed over 250 MWs of solar
EPC, along with currently operating and maintaining over 200 MWs of
solar facilities in five countries. Additionally, both ABM and Building
Energy have strong financial capabilities and acumen, with both
companies having successfully created financial strategies to help
clients spend their energy dollars more wisely.
"Through the development of a diversified pipeline of utility-scale
projects in the international markets where renewable energy sources
have the greatest potential, we have established a solid track-record of
solar power plants," said Fabrizio Zago, CEO of Building Energy. "Our
business model is based on the direct management of the entire
life-cycle of renewable power systems, from development and financial
planning to construction and maintenance, guaranteeing our partners and
clients the highest level of expertise and reliability.
"The joint venture with ABM is an important milestone for our company in
proposing this business model in the US, which is a market that offers
strong growth potential to players able to combine financial strength
with EPC and O&M expertise."
ABOUT ABM
ABM (NYSE:
ABM) is a leading provider of facility solutions with revenues
exceeding $4 billion and 100,000 employees in over 350 offices deployed
throughout the United States and various international locations. ABM's
comprehensive capabilities include facilities engineering, commercial
cleaning, energy solutions, HVAC, electrical, landscaping, parking and
security, provided through stand-alone or integrated solutions. ABM
provides custom facility solutions in urban, suburban and rural areas to
properties of all sizes — from schools and hospitals to the largest and
most complex facilities, such as manufacturing plants and major
airports. ABM Industries Incorporated, which operates through its
subsidiaries, was founded in 1909. For more information, visit www.abm.com.
ABOUT BUILDING ENERGY
Building Energy is an independent producer of energy from renewable
sources. Its development pipeline includes projects with a total
capacity of around 800 MW in Italy, South Africa, USA, Dominican
Republic, Serbia and Romania. In South Africa, Building Energy won the
contract for the biggest photovoltaic project on the African continent -
81 MW in Kathu - in the first round of the REIPP, the South African
government's incentive program for the production of renewable energy.
The power station is currently under construction and is expected to be
in operation by August 2014.
In the USA, Building Energy recently announced a partnership agreement
with Optimum Renewables for the development of wind farms in Iowa with a
total capacity of around 50 MW. For more information, visit buildingenergy.it.
ABM
Media: Chas Strong
770.953.5072
chas.strong@abm.com
or
Investors
& Analysts: David Farwell
212.297.9792
dfarwell@abm.com
Source: ABM Industries
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