LOS ANGELES and SANTA MONICA, Calif., Oct. 15, 2009 (GLOBE NEWSWIRE) -- The L&R Group of Companies, ("L&R") headquartered in Los Angeles, California, today announced that it has teamed up with Pacific Edison to deliver green energy services to L&R clients.
Under the agreement, L&R will make available to its clients a suite of energy efficiency and renewable energy project development and consulting services provided exclusively by Pacific Edison.
"This is a great opportunity for L&R to demonstrate leadership in the parking facility management industry by assisting our clients in the adoption of sustainable practices," said David Damus, Chief Executive Officer of L&R.
Pacific Edison will bring its deep expertise in renewable energy and green technology solutions to L&R's portfolio of (700+) parking facilities around the U.S. Pacific Edison will make available to L&R clients customized feasibility studies to determine the most appropriate type of renewable energy systems and energy efficiency solutions for each client to pursue based on the client's goals and objectives, energy consumption patterns, available real estate, and the economic incentives supporting renewable energy and energy efficiency that are available in the client's local area.
"We are excited to be working with L&R to introduce solar energy and LED lighting solutions that will reduce the electricity bills and carbon footprints of parking facilities owned by L&R clients," said Dion Camp-Sanders, CEO of Pacific Edison.
Under the strategic partnership, Pacific Edison will advise L&R clients on how to install solar and wind energy systems and energy efficient LED lighting solutions at their parking facilities with no upfront capital or operating risk. Through Pacific Edison's relationships with industry leading project financiers, L&R clients will gain access to hundreds of millions of dollars of committed capital available to fund their green energy projects. Most parking facilities will have the opportunity to not only save money on their energy costs from the first year of operation, but they will also be able to hedge against utility price volatility and lock-in millions of dollars of savings during the term of a power purchase agreement (PPA) or a green technology equipment lease.
"In this new era of business, where every company's real estate will be examined for its environmental impact, carbon footprint and energy efficiency, L&R will stand at the forefront of that movement by this key partnership with Pacific Edison," said Michael Stember, Managing Director of Pacific Edison.
About Pacific Edison, LLC
Pacific Edison, LLC (PacEd) is the premier renewable energy project development and consulting firm serving sports and entertainment venues throughout North America. PacEd also delivers green technology solutions to theme parks, attractions, public assembly facilities, municipalities, school districts, universities, hospitals, non-profits, and commercial property owners. PacEd enables clients to adopt onsite renewable energy and energy efficiency solutions with no upfront capital or operating risk. PacEd's range of development and consulting services include conducting feasibility studies, managing RFPs, arranging project financing, overseeing the design and installation of renewable energy systems and energy efficiency solutions, and negotiating contracts on behalf of clients with key counterparties (utilities, financiers, installers, green technology vendors, etc.). For more information, please visit us online at www.pacificedison.com.
About L&R Group of Companies:
L&R, headquartered in Los Angeles, California, is a privately held, well-capitalized organization that operates five distinct parking divisions: Five Star Parking, WallyPark, Joe's Auto Parks, System Parking, Inc., and Network Parking. L&R builds, owns and operates parking facilities at major airports, sports venues, hotels, hospitals, and other urban locations in 33 cities nationwide. For more information, please visit us online at www.tlrgc.com.
The L&R Group of Companies logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4834