Advanced Energy Capital has signed an agreement to finance up to US$50 million of Power Island Energy’s combined heat and power projects in the United States.
Power Island Energy 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.
AEC structures energy efficiency, CHP and energy storage deals for Greenbacker Capital, manager of the Greenbacker Renewable Energy Company.
“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,” said Steve Wilson, CEO of Power Island Energy.