Advanced Energy to Finance Power Island Installation
Advanced Energy Capital announced the signing of a letter agreement to finance up to $10 million for the installation of standby generator sets originated and developed by Power Island Energy and supported by the New York Demand Response Program.
“We are excited to work with Advanced Energy Capital. Jack Doueck and Rick Rudy have been in the finance business together for more than two decades and their partnership with Greenbacker Group is very compelling,” said Steve Wilson, CEO of Power Island Energy, a company with headquarters in Jacksonville, FL.
“After learning about Greenbacker’s $1.5 billion public equity raise for green energy finance, and after meeting the executives at AEC, we were convinced that many more of our customers will now be able to access our energy saving systems. The healthcare sector, among others, has learned the lessons of recent power outages critical care must be supported by the continuous flow of power to the facility and our product offering addresses that need in a way that keeps the cost of that reliability to a minimum,” Wilson continued.
“We are focused on supporting the handful of firms who have what it takes to execute on their business plans in the sustainability marketplace. Steve Wilson has long experience in this space and we believe he will be a long term partner for us,” said Jack Doueck, principal of AEC.
“We are convinced that PIE has the expertise to develop and install affordable backup power generation and other systems including Combined Heat and Power and Microgrids. The combination of AEC’s credit, finance and structuring expertise with PIE’s development and installation skills, should help create a long pipeline of affordable deals, said Rick Rudy, principal and co-founder of AEC. “We view Power Island Energy as a leader in the backup generation, demand response and CHP space, and we welcome Steve and his team to our platform. Our goal is to empower PIE to provide a low-cost, ‘turn-key’ solution for the end-users which we expect will open the door to exponential growth.”
Power Island Energy develops and installs standby genset systems primarily focused on healthcare facilities, commercial buildings and light industrial locations.