United Wind, which specializes in distributed-scale wind energy project development through its WindLease platform, has secured a project financing commitment from Pacific Rim Capital, an equipment leasing company, based in Irvine, CA.
The project financing commitment enables United Wind to continue to offer zero upfront cost wind energy systems to property owners seeking to save meaningfully on their electricity bills, the company said.
The project financing reflects the continued success of the WindLease platform, the company said. In September alone, United Wind has signed up more than 20 customers for the platform.
To use WindLease, customers pay a fixed monthly amount to United Wind in exchange for the installation, operation and maintenance of the wind turbine. Turbine’s production is guaranteed, meaning that in the unlikely scenario that the predicted output from the machine is less than the estimated value, the company will adjust it in the lease amount.
Pacific Rim Capital’s financing will be utilized primarily for projects in Western and Central New York State, the company said.
David Mirsky, CEO of Pacific Rim Capital, said the company views these projects as an asset class as they can generate the investment returns they need while participating in a socially important activity. “This fits neatly into Pacific Rim Capital’s corporate philosophy and goals,” Mirsky added.
Rajani Baburajan