XZERES Launches Wind Investment Portfolio Utilizing XZERES Turbine, Initial Orders, and Significant Backlog of Project Sites
WILSONVILLE, ORE., December 3, 2013 ─ XZERES Corp. (OTCQB: XPWR), a global leader in distributed generation wind power systems as well as power management and power efficiency solutions, has launched an external wind investment portfolio, Gale Force Infrastructure Fund, L.P. (“Gale Force”), which includes initial orders of the XZERES 442SR 10kW wind turbine system for permitted sites, and a substantial backlog for future purchases of XZERES wind turbines.
As previously announced, XZERES and Gale Force in partnership with project developers and key investors, are actively focused on building a large distributed wind investment portfolio utilizing the XZERES 10kW turbine. This investment vehicle (FITCO), utilizing the Feed-in-Tariff Co-Operation program, creates a mutually beneficial arrangement with the land owner and will drive significant sales volumes for the company.
XZERES is pleased to report that Gale Force has now completed its structure with significant funding committed by its key investors for the current backlog and future orders. The Gale Force investment portfolio is expected to grow up to $100 million to fund future projects. In addition, the multiple project development partners, including Prowind (UK) Ltd., continue to make significant progress in securing sites. The current volume of targeted sites is expected to exceed 150 turbines and the collective efforts of the developers are expected to continue at a rate of 25 or more additional sites per month.
“The formation and funding of Gale Force represents a major milestone for XZERES as well as the distributed power industry as a whole,” said XZERES CEO Frank Greco. “Gale Force, utilizing the Feed-in-Tariff program, provides landowners with electrical power for whom the Feed-in-Tariff program was ultimately intended, with the added environmental benefits given the clean, renewable energy provided by our advanced wind-turbine systems.”
According to Greco, “Through the hard work of our internal staff and multiple project development partners our focus over the past four months has been to secure sites that meet our specific criteria. Our investment portfolio partners have provided the necessary funding to pull this entire effort together and enable XZERES to sell and deliver a substantial volume of turbines.”
“Our initial efforts with FITCO have targeted the UK, where we have developed and refined the terms and methods for successful implementation; the current installed base throughout the UK further substantiates our position,” continued Greco. “We’re now starting to bring FITCO to additional markets, beginning with Japan in the near term and then to other markets where the incentives offer attractive returns and energy cost benefits.”
FITCO (Feed-in-Tariff Co-Operation), was structured by XZERES in conjunction with key strategic investors to address the challenges most end customers or landowners face with respect to the financing needs to purchase a wind turbine system. Renewables, such as small wind systems, have attractive returns and long-term cost of energy benefits, but at the same time require an upfront investment. The portfolio model provides the unique advantage of creating a mutually beneficial arrangement with the land owner while yielding an attractive investment return for the portfolio investors. In essence, the land owner shares the economic benefits that the wind system provides with the investor in return for the investor providing the upfront required investment needed to install a system. XZERES’ financing partner, Renewable Power Resources, LLC, is playing an active role in supporting this program and is further demonstrating their strong commitment to building XZERES into a major global renewable energy company.
Gale Force’s investment strategy correlates with other successful renewable energy financing models. It recognizes how the recent explosive growth in the solar industry has been largely due to the introduction of unique financing solutions, such as those utilized by Solar City and Real Goods Solar. XZERES is proactively working with key partners to provide financing solutions for the small wind industry, as well as developing other unique financing strategies for small wind systems.
About XZERES Corp.:
XZERES Corp. is a renewable energy and clean energy technology company that designs, develops, manufactures and markets distributed generation wind power systems as well as power management and power efficiency solutions for the commercial, light industrial and residential markets. The company’s grid-connected and off-grid wind turbine systems, which consist of its 2.4kW and 10kW devices and related equipment, are utilized for electrical power generation for applications and markets including residential, micro-grid based rural and island electrification, agricultural, small business and rural electric utility systems, as well as other private, corporate infrastructure and government applications.
XZERES wind power systems are focused on distributed energy, where a specific machine’s energy output is largely or entirely used on-site where the equipment is installed, as well as grid-connected applications. While many of XZERES’ customers take advantage of local net-metering rules within the United States and Feed-In Tariffs (to sell power back to the grid) that are available in Europe and internationally, the company’s wind power systems are not dependent on transmission needs to carry the energy produced to another location and are therefore well suited for remote electrification, available with or without a battery-coupled solution. The company’s power management and power efficiency solutions are deployed primarily for commercial and light industrial applications, and secondarily for residential usage and target both urban and rural customers. For more information about XZERES or any of its products, please visit www.xzeres.com and www.xzeresenergy.com as well as www.xzeres.co.uk.
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.
Investor Relations Contact:
Liolios Group, Inc.
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