New Lease Financing Eliminates the Upfront Costs for Small Wind Turbine Market
WILSONVILLE, OR, Feb 26, 2014 (Marketwired via COMTEX) — XZERES Corp. (otcqb:XPWR), a global clean energy solutions company, has launched the XZERES PowerLease financing program for its wind turbine customers.
As a new ‘no money down’ financing solution, XZERES PowerLease™ allows businesses, municipalities and landowners to capitalize on the same financing programs that have long existed in the solar industry. The program has the potential to transform the small wind market in the U.S. by eliminating a customer’s need for upfront capital.
“XZERES PowerLease™ enables wind energy to be more accessible to our American customers,” said Steven Shum, XZERES’ CFO. “Modeled after successful solar financing programs, the XZERES lease option will make our turbines a leader in cost effective, wind energy solutions. We believe our new lease program fills the financing gaps prevalent in this industry and will succeed in accelerating small wind energy adoption for businesses, communities and residences.”
The lease program will eliminate the upfront investment needed to purchase a turbine, allowing customers to reap the full benefits of wind power by extending a wind lease option with a 20-year payment term. By eliminating the single biggest hurdle to wind turbine ownership, customers will enjoy lower energy costs and a smaller carbon footprint without the capital outlay. This financing program will initially be offered in select U.S. markets.
XZERES has established a wholly owned subsidiary, XZERES Leasing Corp. (XLC), to manage the financing program and will provide the company with a 20 year recurring cash flow.
The XZERES lease financing program is supported by various financing partners, including Renewable Power Resources, LLC (RPR). RPR was instrumental in assisting XZERES in the acquisition of the award-winning Skystream line of small wind turbines, which complemented the company’s existing 10kW turbine. With more than 9,000 units installed worldwide, Skystream is the world’s best-selling small wind turbine.
XZERES Corp. is a global clean energy technology company that provides an array of quality power solutions for a new energy landscape. The company designs and manufactures small wind power systems as well as power management and power efficiency solutions for commercial, light industrial and residential markets. XZERES’ products deliver significant energy cost savings while reducing its customer’s carbon footprint. Headquartered in Wilsonville, Oregon, XZERES’ international distribution network supports the deployment of its products in 110 countries and on all seven continents. For more information please visit www.xzeres.com
About XZERES Turbines XZERES’ Skystream 2.4kW and XZERES 10kW wind turbines are the best-in-class small scale wind turbines in the market for residential, agricultural, small business and microgrid applications. With more than 9,000 installations, they are the leading wind energy solution for customers around the world. Skystream — a revolution ahead.
Forward-Looking Statements and Safe Harbor Statement: The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those identified under “Risk Factors” in the Company’s filings made with the Securities Exchange Commission. Actual results may differ materially from those contemplated by these forward-looking statements and the Company does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release.
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