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 lets residential and commercial property owners lease distributed-scale wind turbines (≤100 kW in rated capacity). United Wind’s 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.
United Wind was founded on the belief that the wind energy must be affordable to compete with conventional, less sustainable energy sources. The organization provides customers with low-cost wind energy options that make sense for today and the future.
“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, VP 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.”
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.
Filed Under: Financing, News, Policy