In 1986 I co-founded a company by the name of Altresco
Inc. The Altresco name was derived from Alternative Resource
Company. Since I already had amassed significant credentials
and experience as a successful real estate developer,
I was drawn to finding opportunities that were recognized
as viable by the financial community as well as representing
a substantial step forward in energy efficiency and environmental
A series of events brought the Altresco team to Pittsfield
MA where we found that the 12,000,000 sq. ft General
Electric complex had environmental problems that urgently
needed to be solved. GE’s cogeneration division
had come to the opinion that cogeneration was not a viable
option. As a result, they were willing to let the Altresco
team take a run at making cogeneration work there. Through
a process of re examining assumptions we were able to
develop a strategy for getting natural gas to Pittsfield
at a price that made the project possible. This and other
precedent setting strategies allowed us to evolve a business
and project model that resulted in the successful development
of the $200,000,000.00 Altresco Cogeneration facility.
Even though there were 5 divisions of GE that were impacted
or involved in the project, Altresco was the group that
was able to bring the project to fruition.
This facility went online in 1990 and displaced the
source of 800 tons per year of sulfur emissions and,
by precedent, over 70,000 tons per year of NOx emissions
This project established
Altresco as a viable and leading player in the New
England co-generation and electrical utility community.
We were invited to develop at second facility at the
GE Lynn River works complex at Lynn MA. We developed
that project to the point of successfully competing
for the last 3 power purchase agreements awarded in
New England under PURPA. This competition was with
virtually every major player in the industry. Soon
after this, the US portion of the Altresco organization
was aquired by the J Makowski Company and PG&E.
During 1991, I was invited to assist the Manila Electric
Company in rebuilding their generating capacity after
the company was returned to its pre Marcos ownership
Since Meralco was now a privately owned corporation in
a bankrupt developing country this was quite a challenge.
Ironically, as a result of the structure of the return
of the Meralco company to its original shareholders,
it was a better credit risk that the country itself.
Working with that knowledge and by forming a collaborative
venture with Meralco we were able to devise a transaction
structure that ultimately lead to the construction of
the $900,000,000.00, 460 MW Quezon Power facility along
with a 30 km transmission project. The Quezon Facility
commenced operation in 2000.