New York, NY (PRWEB) November 12, 2014
Advanced Energy Capital, LLC (“AEC”), an energy finance company led by Jack Doueck and Richard Rudy, has announced the signing of a Letter Agreement to finance up to $10,000,000 for the installation of standby generator sets (gensets) originated and developed by Power Island Energy (“PIE”) and supported by the New York Demand Response Program..
“We are excited to work with Advanced Energy Capital. Jack Doueck and Rick Rudy have been in the finance business together for more than two decades and their partnership with Greenbacker Group is very compelling,” said Steve Wilson, CEO of Power Island Energy, a company with headquarters in Jacksonville, Florida.
“After learning about Greenbacker’s $1.5 billion public equity raise for green energy finance, and after meeting the executives at AEC, we were convinced that many more of our customers will now be able to access our energy saving systems. The healthcare sector, among others, has learned the lessons of recent power outages: critical care must be supported by the continuous flow of power to the facility and our product offering addresses that need in a way that keeps the cost of that reliability to a minimum,” Wilson continued.
Power Island Energy LLC (“PIE”) develops and installs standby genset systems primarily focused on healthcare facilities, commercial buildings and light industrial locations. This distributed generation serves as a backup, but also allows the host customer to participate in local demand response programs, thereby enhancing grid reliability and overall eco-sustainability by postponing or eliminating the need for building new, expensive power plants.
"We are focused on supporting the handful of firms who have what it takes to execute on their business plans in the sustainability marketplace. Steve Wilson has long experience in this space and we believe he will be a long term partner for us," said Jack Doueck, principal of AEC.
“We are convinced that PIE has the expertise to develop and install affordable backup power generation and other systems including Combined Heat and Power and Microgrids. The combination of AEC’s credit, finance and structuring expertise with PIE’s development and installation skills, should help create a long pipeline of affordable deals," said Rick Rudy, principal and co-founder of AEC. “We view Power Island Energy as a leader in the backup generation, demand response and CHP space, and we welcome Steve and his team to our platform. Our goal is to empower PIE to provide a low-cost, ‘turn-key’ solution for the end-users which we expect will open the door to exponential growth.”
AEC is a specialty finance firm dedicated to providing affordable and innovative financing solutions to Energy Efficiency, Energy Storage, Renewable Energy and Retail Energy businesses. AEC’s flexibility allows it to focus on small and medium size businesses and its capital pool permits it to fund significant projects and pipelines of opportunity. AEC’s finance clients have tapped into both senior as well as junior tranches of capital to jump-start their growth. With respect to Energy Efficiency and Energy Storage, AEC has developed unique and simple end-user turnkey financing solutions that enable energy firms to dramatically increase their revenues by offering customers embedded financing without up-front payments. For more information, visit: http://www.advancedenergycap.com.
About Power Island Energy
PIE Specializes in Developing, Selling and Leasing Standby Generators, Combined Heat & Power Systems and Microgrids servicing Health Care, Commercial and Light Industrial facilities and Municipalities. P.I.E. is a "Full Service Provider" that brings together the diverse expertise needed to complete all aspects of the energy saving project including Designing, Permitting, Engineering, Financing, Construction, Operations and Maintenance. P.I.E. also purchases existing CHP plants and leases them back to the current owner. For more information, visit: http://www.powerislandenergy.com.