United Wind Garners Further Financing For US Distributed Wind Sector
Distributed wind energy company United Wind has garnered its second round of investment in 2016, enabling the company to expand its lease offerings around the US.
United Wind is the leading provider of distributed wind energy solutions in the United States, providing distributed wind energy leasing solutions to rural businesses and homes across the country. The company’s WindLease program provides customers throughout the country’s Midwest the opportunity to lease on-site wind energy at a fixed rate and with a 20-year maintenance-free lease, and no initial out-of-pocket costs.
“Rural property owners throughout the US have a massive opportunity to save on electricity costs by deploying distributed wind energy technology,” said Russell Tencer, Founder and CEO of United Wind.
United Wind announced earlier this year that it had signed a financing agreement led by Statoil Energy Ventures and Forum Equity Partners. The $8 million Series B financing will enable United Wind to provide its WindLease offering to more customers.
“This financing, coupled with our recent closing of a $200 million sponsor equity commitment from Forum Equity Partners, enables United Wind to deliver on the promise of an affordable and sustainable energy future in rural communities,” explained Tencer.
“Statoil is committed to wind energy, as demonstrated by our strong position in offshore wind,” added Gareth Burns, vice president in Statoil and managing director of Statoil Energy Ventures. “Today’s investment in United Wind secures early entry in the company driving the growth of the distributed wind market in the United States.”
Announced this week, Total Energy Ventures announced that it had completed an undisclosed equity investment into United Wind.
“This latest investment strengthens TEV’s participation in the distribution of renewable energy,” said Jérôme Schmitt, Executive Vice President, Sustainable Development & Environment at Total. “It allows us to explore the interest in small-scale renewable energy solutions which can be connected to the grid and how these can be financed. United Wind makes wind power accessible to customers and small businesses who become energy producers and consumers at the same time.”
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