New York, NY (PRWEB) January 04, 2015
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 $50,000,000 for the installation of CHP projects originated and developed by Power Island Energy (“PIE”).
AEC, among other things, provides exclusive origination and structuring of energy efficiency, CHP and energy storage deals for Greenbacker Capital, manager of the Greenbacker Renewable Energy Company.
“We are excited to once again work with Advanced Energy Capital. Jack Doueck and Rick Rudy have been increasing their footprint in the green and energy-related space 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 working with AEC on our Genset/Demand Response program, we felt that the time was right to widen our presence in the CHP arena by working together. As with back-up gen-sets, the healthcare sector, among others, recognizes the value in having direct control of their power needs and of doing so in a cost-efficient way that addresses environmental concerns at the same time”, Wilson continued.
Power Island Energy LLC (“PIE”) develops and installs standby genset systems and CHP projects primarily focused on healthcare facilities, commercial buildings and light industrial locations. Their distributed generation product 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. The CHP product set focuses on the continuing trend of ‘green’ power generation.
"Given our association with PIE and Mr. Wilson in the back-up gen-set arena, we felt that CHP was the next market segment that made sense.“ 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