Stamford, CT, Jan. 9, 2006 — GE Energy Financial Services announced that it has provided cash flow-based senior debt financing to support the acquisition of NORESCO, a provider of energy management and performance contracting services, by an investor group led by GFI Energy Ventures LLC.
Financial details were not disclosed.
For more than 20 years, NORESCO, based in Westborough, MA, has developed energy projects for customers, such as the federal government, that achieve energy efficiency, environmental and cost management goals recently strengthened by federal policy.
The 2005 Energy Policy Act established a 20 percent energy reduction target for federal facilities by 2016 and outlines federal assistance for state energy reduction programs by 2012.
GE Energy Financial Services provided the senior bank facility to assist GFI Energy Ventures in its Dec. 30 acquisition of NORESCO from Equitable Resources, based in Pittsburgh.