Grant Capital Management, Inc. recently completed the funding of $12.6 million for the implementation of a second phase energy efficiency project at the Jersey City Housing Authority.

The funding covers $2.5 million in Phase 1 energy equipment and approximately $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 which will be paid for by the project’s savings. Additionally, the Authority will be saving over $500,000 in utility costs.

“As a leader in financing energy performance contracts, we were pleased to leverage our expertise within the Public Housing sector once again to support the capital needs of Jersey City Housing Authority,” said Derek Mitchell, Senior Vice President, Grant Capital Management. “Housing Authorities work day in and day out for the benefit of their residents and we are always eager to assist in such a critical mission.”

Grant Capital Management is a minority owned firm which has provided over $5 billion in lease-purchase financing and over $1 billion within the energy efficiency market.