Budderfly, a Connecticut energy-as-a-service company, is reviewing new solar offerings with Ryders Health, Sonic and Subway restaurants.
Budderfly, a commercial energy efficiency service provider, announced the deployment of a 317 kW rooftop solar array at nursing home Mystic Manor Healthcare, a Ryders Health Management property located in Mystic, Conn.
The rooftop solar deployments marks one of the first solar developments for Budderfly, an energy-as-a-service (EaaS) company that traditionally provides bundled energy efficiency solutions such as LED lighting and building improvements such as sensors.
The Mystic Manor solar array will deliver more than 3,400 MWh of energy savings and produce 3,500 MWh of onsite solar energy over the course of Ryders’ 10-year contract with Budderfly. The effect on carbon emissions reduction is the equivalent of taking 1,038 gasoline-powered cars off the roads for a year.
The addition of a rooftop solar system at the Mystic facility will drive further reductions in utility energy consumption and improve sustainability outcomes, enabling Ryders to offset 95% of the facility’s annual energy consumption with emissions-free power. The Mystic solar array is expected to be operational by June 2023.
A Budderfly spokesperson told pv magazine USA that the company has not always offered solar to its customers, but it is now developing behind the meter solar projects across its customer base wherever possible, in addition to reviewing off-site solar. The Connecticut nursing home location is just one of the first active solar installations for the company, the spokesperson said. Budderfly is pursuing additional solar installations at Sonic Drive-In and Subway restaurant locations, where it is undergoing feasibility studies and site design.
Ryders Health first partnered with Budderfly in 2018 to install LED lighting and HVAC system upgrades at the Mystic center. Over the Covid-19 pandemic, the facility owner noted the “positive impact the bright LED lighting and high efficiency HVAC systems had on the mood and comfort of staff and patients.” This prompted the facility owner to explore energy efficiency solutions at the remainder of Ryders Health’s seven nursing home facilities, starting with the Lord Chamberlain and Cheshire House facilities in Stratford and Waterbury, Conn.
“We’re in the business of keeping people healthy, and that extends to being better stewards of the environment,” said Martin Sbriglio, chief executive officer of Ryder’s Health Management. “Partnering with Budderfly allows us to conserve capital expenditures and operating costs so that more funds can be invested in providing the best level of care for our patients.”
Like many energy efficiency solutions providers, Budderfly installs efficiency products at no upfront cost to the customer, allowing Budderfly to be paid back under an EaaS subscription model over a multiple-year contractual term.
“Ryders Health is one of our longest-standing customers and serves as a premier example of the sustainability, cost, and patient experience benefits that outsourced energy management can offer small- to medium-sized businesses,” said Al Subbloie, chief executive officer of Budderfly.
Founded in 2007 and based in Shelton, Conn., Budderfly was acquired in July 2022 by Partners Group in a $500 million majority acquisition transaction. As of December 31, 2022, the company managed 3,000 customer sites across 49 states and is branching out from its core franchise markets into retail, healthcare, fitness, and commercial real estate investment trusts (REITs).
In June 2022, the Connecticut Green Bank provided a $5 million loan to the company to support market expansion. During the year the company has brought on nearly 900 new locations, expanding brand partnerships with Burger King, Wendy’s, McDonald’s, KFC, Subway, Jersey Mike’s, Jack-in-the-Box, O’Charley’s, 99 Restaurants and YMCA, among others.
According to a January Wall Street Journal article, private equity deals have grown in the energy efficiency market over the last few years with private capital investors attracted to the steady rate of return profile from the clean energy service providers. Private equity firms invested $31.8 billion globally across 280 deals in the energy efficiency market for the year through November 2022, according to S&P Global Market Intelligence, with companies like Budderfly, Calibrant Energy and Metrus Energy seeing new equity owners.
