$1.5b Steel Pointe development leading energy revolution.

State Senate President Pro Tempore Donald E. Williams, Jr. and state Senators Bill Finch and Edwin A. Gomes have praised the groundbreaking energy initiatives program at the planned Steel Point development as a model of legislative initiatives spurring private investment and innovation in clean, renewable energy production and distribution.

Midtown Equities LLC, which is building the $1.5 billion, 52-acre mixed use Steel Point development in Bridgeport, CT, says it will seek to produce 10 to 15 percent of Steel Point's anticipated 45-50 Megawatts (MW) of annual electricity use through clean, renewable on-site sources such as solar, wind, gas and hydroelectric energy.

Midtown Equities president Dan Pfeffer says its investment is "the most comprehensive and far reaching energy program in the United States," and he praised Connecticut as well-positioned to "lead the nation in the energy revolution of the 21st century."

"This is a perfect example of how our public initiatives are stimulating private investment and innovation in Connecticut's crucial energy sector," Sen. Williams said. "Over the past decade, and especially in the last few years, the legislature has created a variety of grant, loan and rebate programs that encourage homeowners and businesses to conserve energy, or to produce and use their own clean energy on-site.

"Steel Point is the most ambitious project in the state so far to take advantage of these programs, and the developers are to be congratulated. Distributive generation, on-site generation, clean energy--this is exactly the direction we need to be moving in."

According to Midtown Equities, Steel Point's planned 3,500 residential units will use 35 million watts (35MW) of energy every year. Its 1.1 million square feet of retail space will use 8.8 MW; its 160,000 s/f of office space 1.28 MW; its 400-slip marina 1.5 MW; and its 12 acres of streets and roads another 3.5 MW. The project is expected to create 9,000 permanent jobs and provide $25 million in taxes annually to Bridgeport.

To help protect the environment and reduce demand on southwestern Connecticut's already overloaded electrical grid, Midtown Equities has created a four-part "energy initiatives program" for Steel Point that will use on-site, renewable energy sources to eventually power 10 to 15 percent (5-7 MW) of its annual energy need.

The firm plans to generate 2.5-3.5 MW of energy from roof and window photovoltaic cells to heat hot water and air and create electricity. Another 1.5-2.5 MW will be generated from microturbines integrated into the design of tall buildings, thereby channeling wind power. Approximately 1-1.5KW is expected to be generated from hydrokinetic systems, such as offshore power buoys which generate electricity from waves and tides or various turbines. A series of gas-based energy systems is also planned, where natural gas is converted to hydrogen-rich gas to cool and heat buildings.

"Traditional energy supplies have and will rise in cost, so why not use what's free?" said Herb Hauser, president of Midtown Technologies LLC, an affiliate of Midtown Equities. "We're going to construct hyper-efficient buildings which use less energy, and use more energy that's free and renewable. We're setting a new standard here.

"If we're able to model a financially sound energy business that other developers on the East and the most environmentally efficient In the nation. West coasts can copy, we've created an energy policy for the country. And Connecticut, which was the leader in industrial revolution in the 19th century, can be the leader again, this time in the energy evolution of the 21st century."

There are several state grants that Steel Point may qualify for, including the Connecticut Clean Energy Fund's On-site Renewable Distributive Generation program, which is designed to stimulate demand for behind-the-meter installations of renewable energy at commercial, industrial and institutional buildings. Also, the CCEF's Operational Demonstration Program makes funds available to early stage clean energy projects that rely on the innovative use of renewable energy resources.