We recently worked with Principal Place Residential Development Ltd (a JV between Brookfield Properties & Concord Pacific) to undertake an ESCO tendering process for the eponymous development in Hackney which provides heating to 357 flats, 299 of which also have cooling. Following our work, ENGIE have now been appointed as the ESCO.
It is often assumed that ESCOs are only available to larger developments. However, our work illustrates that it is possible to secure ESCO heat network operation on a relatively small development whilst keeping residents’ heat bills to a reasonable level.
The key objectives in the competitive tendering process were to deliver affordable prices for heating whilst placing the responsibility for delivery with a specialist partner who is incentivised through the contract to deliver a high level of service.
Image sourced from Foster and Partners.