Advanced Energy Provides LED Funding Financing
Advanced Energy Capital announced AEC signed a deal with LED Funding to provide financing for up to $15 million in LED lighting retrofit projects and other efficiency and on-site clean energy efforts in commercial, institutional, municipal and industrial settings originated by LED Funding.
The first group of transactions are expected to close in Q1/15 with the bulk of the projects expected to be coming on stream quickly thereafter. LED Funding’s partnership approach to project developers and ESCO’s on the ground and their Energy Sharing product structures offer ESCO’s and building owners the opportunity to grow dramatically and to replace outdated systems with energy efficient systems without upfront capital and without adding debt to the balance sheet.
“We are starting to see significant traction in both the municipal, commercial and industrial markets, both throughout North America and the nearby islands,” said Hank Geier, principal at LED Funding, “and are now poised to move quickly with our growth plans.”
“Our view is that AEC’s recent achievements in the space, along with their reach will bring us broader exposure than we would otherwise have had. This facility will allow us to focus on driving value in the retrofit space and widening our market presence,” said Bill Butler, principal at LED Funding.
“AEC continues to source pipeline in the ‘green’ space and continues to screen a wide range of energy opportunities. We enthusiastically welcome LED Funding as an effective player in the arena capable of driving significant volume via their partnership and collaborative model. We’re looking forward to an outstanding long-term relationship with Bill, Hank and their team,” said Rick Rudy, principal of AEC.
“The combination of LED Funding’s reach, project knowledge and deal structuring expertise, Greenbacker’s renewable knowledge base and AEC’s credit and finance expertise should help make a huge impact on carbon reduction,” said Jack Doueck of AEC.