Forum Equity Partners and United Wind Announce $200M Investment for Distributed Wind Projects
Investment in first of its kind wind turbine leasing program raises
record amount of project capital towards development of over 1,000
distributed wind projects
United Wind, a premiere provider of distributed wind energy solutions,
and Forum Equity Partners, a leading alternative investment management
and principal investment firm today announced a deal that provides $200M
in project equity capital for distributed wind projects throughout the
United States. The financing will significantly expand United Wind’s
unique and market leading WindLease program, which enables both
residential and commercial property owners to lease distributed-scale
wind turbines (≤100kW in rated capacity). United Wind’s popular program
allows qualified customers to reduce energy costs by harvesting on-site
wind energy through a fixed rate, 20-year maintenance-free lease without
any initial out-of-pocket costs required from the customer.
“United Wind brings a unique and innovative solution to wind power
delivery by offering a first-of-its-kind wind energy-leasing program for
end-users,” said Richard Abboud, Forum’s Founder & CEO.
“This kind of forward thinking falls directly in line with Forum’s
support of innovative and entrepreneurial renewable energy companies
serving high-growth markets. We are committed to building highly
effective and collaborative partnerships that can significantly benefit
communities and investors alike and I am confident this deal will
accomplish those goals.”
“Distributed wind is often the optimal renewable energy choice for rural
property owners seeking to lower their energy costs,” said Russell
Tencer, Co-Founder and CEO of United Wind. “With this pivotal investment
by the visionary team at Forum Equity Partners, United Wind is now well
positioned to provide low-cost wind energy through its WindLease
offering to thousands of customers across the country.”
According to the Distributed Wind Energy Association (DWEA), the deal is
the largest ever for a distributed wind energy company; “The success of
United Wind’s leasing program is an indicator of the massive potential
of distributed wind,” said Jennifer Jenkins, DWEA’s Executive Director.
“With this new partnership, distributed wind energy begins its
transition from niche concept to mainstream solution.”
DWEA estimates that by 2030 there will be 23.7 million homes and
buildings suitable for distributed wind, representing a potential for
1,100 GW of generating capacity. DWEA also estimates that other related
market segments, such as community wind, wind gardens, and virtual
metered systems, could boost the potential for non-windfarm
wind-generated energy to 1,400 GW. The energy production potential for
the 1,100 GW in 2030 is estimated at 2,900 TWh - which is 70% of the net
electricity generation in the U.S. in 2014.
United Wind launched the WindLease program in late 2013 in an
effort to provide financing to the historically underserved distributed
wind market. This partnership will provide financing for WindLease projects
throughout the US Northeast and Midwest with customers including
homeowners, farms, small businesses, agricultural operations, factories
and other customers with on-site power generation needs and suitable
land and wind resources.
About Forum Equity Partners
Forum Equity Partners is a privately owned alternative investment
management and development firm with a focus on assets in renewable
energy, infrastructure and real estate. Headquartered in Toronto,
Ontario with offices in the U.S., and $900 million in assets under
management Forum is committed to achieving aggressive growth through
its investment in rapidly emerging new markets and industries with
innovative, new investment approaches and programs.
For more information, please visit: http://www.forumequitypartners.com
About United Wind
United Wind is a leading provider of low-cost distributed wind energy
through its WindLease program. Founded on the belief that wind
energy must be affordable to compete with conventional, less sustainable
energy sources, United Wind provides customers with low-cost wind energy
options that make sense for today and the future. For more information
visit: http://www.unitedwind.com.
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