United Wind Gets $25 Million Turbine Financing for LeasesChristopher Martin
United Wind Inc., a developer of small-scale wind energy systems for homes and businesses, arranged as much as $25 million in funding from GSG Energy Finance for turbines it plans to lease to users in rural areas.
The tax equity financing will let farms, wineries and bed and breakfasts install about 150 wind turbines by the end of next year with little to no upfront costs, United Wind Chief Executive Officer Russell Tencer said today in a phone interview.
Most of the wind turbines will be installed in rural parts of New York, Oregon, Massachusetts and Maryland, where power is relatively expensive and permitting easy, Tencer said.
United Wind is based in San Diego and GSG Energy Finance is based in Brooklyn, New York.
U.S. consumers and businesses installed 175 megawatts of wind turbines last year to generate their own electricity and reduce their dependence on utilities, according to the U.S. Energy Department. Most of the turbines installed at customer sites were 100 kilowatts or less.