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Third Industrial Revolution Consulting Group capitalized interest over the serialized maturity of the financing, were $110 million thus generating a $38 million premium benefit for the program participants. 218 First year savings of the program are 3% above the guaranteed cost savings of 25%. 219 Annual energy savings for the Delaware SEU projects delivers an annual emission reduction of 46.8 million pounds of carbon dioxide (CO 2 ). Additionally, research contrasting the Delaware SEU with conventional energy utilities in the United States finds considerable SEU outperformance in terms of realizing energy savings. 220 The serialized maturity schedule of the DE SEU bond offering provides the opportunity of combining short-term and long-term retrofits: the average simple payback of the bond offering is 14 years with maturities as long as 20 years. Serialization additionally enables cash flow optimization resulting in lower overall interest rates: The maturity schedule includes 1-year bond maturities at 0.65% borrowing rate all the way up to 20-year maturities (rate = 4.37%) for a 3.67% effective borrowing rate. Noting the strong general credit quality of the State of Delaware, the contractual guarantee provisions which include an absolute and unconditional payment provision upon annual appropriation, 221 and annual payments that are date certain and not subject to acceptance, Standard & Poor’s rated the sustainable energy bond at AA+. 218 The Delaware SEU example offers a guide to how the Sustainable Energy Finance (SEF) model can unlock significant energy savings when applied in a comprehensive strategy: a national application of the model in the U.S. along the same lines as described in this chapter would present a $25 billion energy investment market in the public sector alone (i.e. applying the model in municipalities, universities, schools, and hospitals). When applied at this level, approximately 300,000 additional green jobs and 225 million metric tons of greenhouse gas emission reduction could be realized. 219 Chu, C., Bruner, A., Byrne, J. (2015). DESEU energy efficiency revenue bond series 2011: Project savings analysis. Newark, DE: Center for Energy and Environmental Policy. Report prepared for the Delaware Sustainable Energy Utility. 220 Byrne, J., Taminiau, J. (2016). A review of sustainable energy utility and energy service utility concepts and applications: realizing ecological and social sustainability with a community utility. Wiley Interdisciplinary Reviews: Energy and Environment, 5: 136-154. Doi: 10.1002/wene.171. 221 Please note that “absolute and unconditional” is not the same as a general obligation: “[…] neither the state nor any political subdivision thereof shall be obligated to make payments on the bonds. Neither the faith and credit nor the taxing power of the state or of any political subdivision thereof is pledged to the payment of the principal or of the interest on bonds. The issuance of the bonds shall not directly or indirectly or contingently obligate the state or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor, or to make any appropriation for their payment.” (see citi post pricing commentary: Citi Post Pricing Commentary on the Delaware Sustainable Energy Utility. Of course, the U.S. case is meant to illustrate feasibility and not to be treated as a blueprint. Any investment at scale must reflect and adapt to its context.). 268
Third Industrial Revolution Consulting Group 1.2.1.2 LuxSEF: Unlocking Sustainable Energy Technology Portfolios The LuxSEF option can be applied to a broad range of different technologies. Figure 4 shows that the LuxSEF option could target, for instance, energy efficiency (in all sectors), sustainable mobility, energy storage, renewable energy, and distributed generation. To illustrate, an initial assessment of LuxSEF application to Luxembourg’s rooftop solar and energy efficiency potential was performed. This section briefly details how LuxSEF unlocks the investment potential of these two technology options. Figure 4. Overview of the LuxSEF strategy in relation to a range of technology options. Energy Efficiency Potential in Luxembourg’s Building Stock The Third National Energy Efficiency Action Plan (NEEAP) highlights the importance and the opportunity of retrofitting the building stock in the Grand Duchy. Using STATEC data, the usable floor space per residential building type can be calculated by year of construction. 222 The residential building stock captured in the STATEC data represents about 27.4 million m 2 . Of this, 18.7 million m 2 can be classified as single family home and 8.7 million m 2 as multi-family home (includes both apartment blocks and semi-residential buildings). Regarding the commercial building stock, data limitations are discussed in both the Third NEEAP and the TIR WG ‘Building’ Final Outcome Document. Data availability is limited to the non-residential 222 Peltier, F. (2015). Regards (06) – sur le stock des bâtiment et logement. STATEC – institut national de la statistique et des études économiques. Link to source material: http://www.statistiques.public.lu/cataloguepublications/regards/2015/PDF-06-2015.pdf 269
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