CORRECTING and REPLACING United Wind Secures $13.5M Financing for Major Expansion of its WindLease Program
Leading renewable energy investors, U.S. Bank and New York Green Bank
partner with United Wind to expand its market leading distributed wind
energy financing program
Please replace the release with the following corrected version due to
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The corrected release reads:
UNITED WIND SECURES $13.5M FINANCING FOR MAJOR EXPANSION OF ITS WINDLEASE
PROGRAM
Leading renewable energy investors, U.S. Bank and New York Green Bank
partner with United Wind to expand its market leading distributed wind
energy financing program
United Wind, a leading provider of distributed wind energy solutions
announced today that it had secured financing from U.S. Bank and New
York Green Bank to expand its 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 offers qualified customers a fixed rate, 20-year
maintenance-free lease to immediately reduce their energy costs by
harvesting their on-site wind energy, without any initial out-of-pocket
costs required from the customer.
“Rural communities represent a vast, underserved market for renewable
energy across the U.S. and beyond. Our WindLease program delivers
highly competitive energy prices in these areas when compared to the
grid or other renewable technologies,” said Russell Tencer, Co-Founder
and CEO of United Wind. “Today’s announcement represents an inflection
point for our industry; with this new access to affordable project
finance capital, distributed wind is now positioned to grow rapidly and
meet customer demand for affordable wind energy in these communities.”
“U.S. Bank is pleased to announce its commitment to United Wind and
their WindLease program,” said Daniel Siegel, vice president of
U.S. Bancorp Community Development Corporation’s renewable energy
finance division. “We see this opportunity as furthering the bank’s
overall commitment to supporting a green energy future.”
“New York Green Bank is delighted to provide a construction loan to
United Wind, establishing a precedent for distributed energy generation
and addressing the issue of limited private financing market interest to
date in supporting the construction of smaller-scale distributed energy
projects,” said Alfred Griffin, President of New York Green Bank. “We’re
pleased to play a role in providing NYS residential, agricultural, and
small commercial customers with greater access to distributed energy
solutions and ultimately to more affordable energy.”
United Wind launched the WindLease program in late 2013 in an
effort to provide financing to the historically underserved distributed
wind market. During in its first two years of operations, the company
closed two rounds of project financing, deploying over $7 million into
26 projects throughout the northeast. With this new partnership,
distributed wind energy begins its transition from niche concept to
mainstream solution.
About United Wind
United Wind is a leading provider of low-cost distributed wind energy
through its WindLease program. Founded on the belief that the
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.
About U.S. Bancorp Community Development Corporation
With nearly $15.8 billion in managed assets as of Dec. 31, 2014, U.S.
Bancorp Community Development Corporation, a subsidiary of U.S. Bank,
provides innovative financing solutions for community development
projects across the country using state and federally sponsored tax
credit programs. USBCDC's commitments provide capital investment to
areas that need it the most and have contributed to the creation of new
jobs, the rehabilitation of historic buildings, the construction of
needed affordable and market-rate homes, the development of renewable
energy facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
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