Urban Green Energy (UGE) Raises $20M Fund from Tamra-Tacoma Capital Partners (TTCP) to Provide Financing for UGE’s Fast Growing Telecoms Segment
New York, NY (PRWEB) August 07, 2013 -- Urban Green Energy (UGE) announced today that the company has partnered with Tamra Tacoma Capital Partners (TTCP) to raise a dedicated fund for wind and solar distributed renewable energy projects in the telecoms sector. The $20 million fund will allow UGE to provide financing to telecoms customers to convert from using expensive diesel fuel sources to hybrid renewable energy. Financing will greatly accelerate the deployment of UGE’s Levelized Energy Agreement Program (“LEAP”), UGE’s offering for telecom firms looking to lower the cost of powering towers in developing countries and remote regions.
Within the telecoms market, UGE has become a leading partner of mobile network operators (MNOs) and tower owners looking to lower the cost of energy while increasing reliability. Through the Levelized Energy Agreement (“LEA”), UGE offers a more affordable and reliable energy supply by leveraging its leading technology platform and vast international resources. According to Jian Yang, VP of Finance at UGE, “Since launching our dedicated telecoms offering in 2012 we have worked with leading telecom firms on every habitable continent, and this fund will allow us to accelerate the implementation of our multi-site deployments. By putting the focus on lowering our clients’ operating costs, our customers can in turn focus on what they do best, expanding their mobile networks in the areas most difficult to reach.”
Most of UGE’s telecoms customers are in developing countries with poor energy infrastructure, leaving few options other than diesel generators to power these sites. In contrast, UGE’s proprietary technology prioritizes solar and wind to offset diesel usage by over 90%. UGE manages the entire energy supply for each tower, from initial site analysis and deployment to ongoing management, ensuring reliable and affordable energy supply at minimum hassle to the tower owner. Though the upfront cost of such a solution is traditionally higher than using diesel, the operating cost is far lower. UGE’s financed approach negates this concern and allows customers to receive more reliable and cost effective energy from Day One. This leaves more capital for telecoms companies to expand, creating a virtuous cycle of economic development with minimal environmental impact.
“Until now, telecom companies in these regions have had little choice but to use expensive and unreliable diesel generators for onsite energy generation. Providing the financial backing for UGE’s projects will allow us to create an attractive revenue stream for our fund, while also providing immense benefit to both the telecoms customer and the end user,” said Yoav Bergman, Founding Partner at TTCP. “When we started looking at renewable energy projects to finance, we were interested in finding an innovative company with the solution and business model that could scale quickly. The fast growing telecoms segment, demand for a more cost effective and cleaner alternative energy source, and UGE’s long list of leading telecoms clients convinced us that together we could create a solution to the benefit of all stakeholders.”
While UGE is already working with several leading telecoms firms in North and South America, Africa and Asia, the fund will provide added flexibility to work with additional telecom clients in some of the industry’s fastest growing markets. “Our ability to remotely assess and plan these sites allows us to explore opportunities nearly anywhere in the world,” stated David Droz, who leads UGE’s telecoms division. “These companies are struggling to manage their energy needs, and with LEA we are now fully equipped to deliver simple, financed solutions. Our clients no longer have to choose between spending upfront capital to reign in their operating expenses or reserving cash and continuing to operate at high cost - they can achieve the best of both worlds. People love renewables for lots of different reasons, but our telecoms customers love them because it saves them money.”
About Urban Green Energy
With projects in 80 countries, including installations for several Fortune 100 companies, UGE is changing the face of distributed renewable energy at a global scale. UGE puts users in control of their energy source by deploying hybrid wind, solar and storage solutions, from commercial facilities in North America and Europe to telecom towers in developing countries. UGE’s technology advantage includes proprietary wind technology, site planning and deployment, power electronics, and remote monitoring and control systems, which are combined into best in class solutions at the nexus of energy cost, security and sustainability. To learn more about UGE’s telecoms offering, please visit: http://www.ugetelecoms.com/.
About Tamra-Tacoma Capital Partners
Tamra-Tacoma Capital Partners is an alternative investment firm located in New York, New York. TTCP's partners use analytically-driven strategies to offer compelling, risk-adjusted returns across three disciplines: Renewable energy, real estate and filmed entertainment. Tamra-Tacoma Capital Partners is led by former Bain consultant Yoav Bergman, renewable energy fund manager Matthew Brown, and former entertainment executive Shane Starr. The TTCP team has a proven track record of identifying, assessing and investing in renewable energy infrastructure. For more information about TTCP, please visit: http://www.tamratacoma.com/.
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Press Contact:
Mateo Chaskel
UGE (New York)
+1 917 675 3940
mateo(dot)chaskel(at)urbangreenenergy(dot)com
Mateo Chaskel, 917-675-3940, [email protected]
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