November 5, 2013
- Deal with Asset Finance Solutions will help cash strapped farmers with up-front investment
- Industry first scheme benefits all future Endurance customers
- Local MP welcomes announcement during Hartlebury plant visit
Birmingham, 5 November 2013 - Endurance Wind Power has today announced a ground-breaking agreement with Asset Finance Solutions (AFS), who have developed an asset backed financing option exclusively available to purchasers of Endurance wind turbines.
Over 450 50 kW Endurance turbines are already installed on farms in the UK. Underlying the company’s commitment to the UK, Endurance has recently begun production of the first British made 225 kW turbine at its Hartlebury manufacturing plant in the West Midlands, where eventually 100 turbines will be built per year and up to 100 green jobs will be created.
The Hartlebury MP Peter Luff visited the site last week and welcomed the announcement:
“It was great to have a tour of Endurance’s Hartlebury facility to see first-hand how this green success story is creating high skilled jobs and exporting world-leading kit to farmers across the UK and beyond. This new announcement will help keep farmers in business, making it easier for rural landowners to secure the financing necessary to install these turbines and generate much needed additional income.”
This is the very first asset-backed financing vehicle for wind turbine owners in the UK. This creative new finance option will help the hundreds of would-be owners who already have planning and grid approvals to finally secure up-front financing.
Dave Rankin, UK Managing Director at Endurance said:
“This is a game-changer for the small wind industry and for hundreds of farmers in the UK. We are thrilled to offer farmers a new way to grow their businesses and reinvest in the rural economy. Endurance is the first to bring true, asset-backed financing to the market, giving farmers their best chance for reliable, additional, annual income through turbine ownership and producing green energy - even if the banks won’t help them.”
Mike Geddes, Commercial Director at AFS said:
“AFS have a wealth of experience providing finance for capital expenditure for many industries including the agricultural sector. We have taken this experience and in conjunction with Endurance and our panel of funders we have developed a bespoke product enabling us to offer hassle free financing for wind turbines.”
Endurance will also be attending RenewableUK’s International Small and Medium Wind Conference in Birmingham on the 6th and 7th November to showcase their new British built turbines.
For any general press enquiries please contact:
Rob Jeffery
Account Manager
Edelman
Email: Robert.Jeffery@Edelman.com
Tel: 0203 047 2465
Mob: 07966 151 753
Editors Notes:
1. Endurance Wind Power is a Canadian and UK based manufacturer of advanced small wind turbines, both 50kW and 225kW in size, designed specifically for distributed wind power applications. Their line of modern, induction-based wind turbines brings efficient, reliable, safe and quiet, renewable energy within reach of homeowners, farmers, businesses and institutions across North America, the United Kingdom and an expanding global market.
Endurance has the largest install base of turbines in the 50kW-100kW class in the UK with over 450 E- Series 50kW turbines currently running. Endurance has now started production of the larger X-Series 225KW turbine in a UK based assembly plant. The new turbine is targeted specifically at farmers who wish to reap a higher financial return and power output than from smaller turbines, but don’t want to install larger towers synonymous with wind farms. Endurance turbines are smaller than standard pylons and less than a third of the height of traditional utility scale turbines.
The X-Series turbine ranges from 30m to 40m in height and generates 450,000-850,000 kWh p/a depending on wind levels. Based on wind speeds of 7-9 m/s the X-Series turbines generate about 780,000 kWh p/a which is enough to power larger farms and dairies, industrial sites, hospitals, schools or whole communities with clean-energy.
Further information on Endurance Wind Power can be found on their website here:
http://www.endurancewindpower.co.uk/
The first X-Series 225kW turbine was installed at a farm in Cornwall in October 2013. Further detail on the installation, including
hi res images, can be found here:
http://www.endurancewindpower.co.uk/firstX29
2. The full RenewableUK Small and Medium Wind Market Report can be found here:
http://www.renewableuk.com/en/publications/index.cfm
3. Further detail about RenewableUK’s International Small and Medium Wind Conference, held in Birmingham on 6th and 7th
November 2013, can be found here:
http://www.renewableuk.com/en/events/conferences-and-exhibitions/renewableuk-2013/programme/international-smallmedium-wind-conference-2013.cfm
© 2013, Endurance Wind Power.
www.endurancewindpowerinc.com
Posted by admin on November 5, 2013
