We believe that Transcend has the ability to make a major impact on energy use across the aging building stock in the U.S. and abroad. This joint venture reflects Mitsui USA’s ongoing commitment to innovation, energy efficiency and forward integration.
New York, NY (PRWEB) June 14, 2011
Mitsui & Co. (U.S.A.), Inc. (“Mitsui USA”), a subsidiary of Mitsui & Co., Ltd., finalized terms of an equity investment in a joint venture with Dallas-based Transcend Equity Development Corp. (“Transcend”). Transcend utilizes a proprietary investment platform that allows the firm to invest in comprehensive energy-saving retrofits in commercial buildings, private universities, hospitals, and other privately owned buildings without violating the terms of existing financing or adding debt to their balance sheets.
Initial investments by the joint venture are expected to target several private energy efficiency retrofit projects across the United States, which are currently being developed by Transcend. These projects are expected to save 30% or more of the energy use in the retrofitted buildings and represent a growing pipeline that Transcend and Mitsui USA have identified in the largely untapped sector of energy efficiency in privately owned real estate, which is estimated at well over $100 billion in the United States.
“Mitsui USA assessed many qualified firms in the energy efficiency sector before selecting Transcend for an investment,” remarked Shigeyuki Toya, General Manager of Mitsui USA’s New Business Development Department. “We believe that Transcend has the ability to make a major impact on energy use across the aging building stock in the U.S. and abroad. This joint venture reflects Mitsui USA’s ongoing commitment to innovation, energy efficiency and forward integration.”
Mitsui USA’s decision to invest in a new joint venture is in line with the Company’s strategy to create and operate platform group companies in specific industries in order to expand its existing core businesses.
About Transcend Equity Development
Transcend Equity Development Corp. was founded in 2002 specifically to address the lack of options for retrofit investment in privately owned real estate, where split incentives inherent in commercial leases and restrictive mortgage provisions prevent conventional lease-purchase structures from playing a role. The company incubated its Managed Energy Services Agreement approach working closely on two dozen buildings owned by a Maryland-based REIT. It is the only firm of its kind with a track record of proven energy saving projects funded through a services contract that does not place debt on the balance sheet of the host asset. More information about the company may be found at http://www.transcendequity.com.
About Mitsui & Co. (U.S.A.), Inc.
Mitsui USA was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, a leading international trade and investment company operating with an extensive global network. Beyond traditional trading, the Company’s newer emphasis is on project development and management, business investment, capital goods leasing and technology transfer. With its comprehensive services capabilities, Mitsui USA aspires to meet the needs of its customers as “Your Global Business Partner®,” while committed to sustainable growth and good corporate citizenship. More information on Mitsui USA may be found at http://www.mitsui.com/us.
For inquiries on this matter, please contact:
Transcend Equity Development Corp.
Steve Gossett Jr.
Tel. 972 386 5335
Mitsui & Co. (U.S.A.), Inc.
Tel. 212 878 4185
The information contained in this news release is true and accurate at the time of publication; however, it may be subject to change without prior notice.