26 Jul 2011 12:07:40
Endurance secures financing for UK customers
Royal Bank of Scotland and Natwest Provide Financing for Endurance E-3120
Vancouver, BC July 25th 2011 – Endurance Wind Power, manufacturer of advanced wind turbines for distributed applications, has been approved for financing on their E-3120 50kW wind turbine under the Royal Bank of Scotland and Natwest’s new green fund.
The Royal Bank of Scotland and Natwest have created a renewable energy team equipped with a £50 million green fund to meet the growing demand of businesses looking to install wind turbines and solar panels. Their renewable energy team, each independently accredited to advise customers by the Chartered Institute of Bankers, will help customers deal with uncertainties around planning, feasibility studies, and making environmental impact assessments in order to speed up the application process. The fund will allow customers to borrow up to 100% of the total investment value and can also be secured with alternative assets.
"We're serious about being at the forefront of helping UK businesses switch to a more sustainable way of meeting their energy needs," said Ian Burrow, head of agricultural and renewable energy at RBS. "We have nearly 200 relationship managers trained to cover the technical, legal and financial considerations specific to renewable energy. No other UK bank can offer this depth of knowledge and level of service to small and medium -sized enterprises."
According to Natwest, 33% of agricultural businesses wish to deploy renewable energy at their farms to lower energy costs and carbon emissions, while providing an ongoing revenue source for their businesses through the Feed-In-Tariffs. However, half of the farmers require bank financing in order to complete their projects.
"We are excited that the renewable energy teams at the Royal Bank of Scotland and Natwest will help bridge a fundamental gap for customers seeking an Endurance wind turbine to exercise these environmental and economic benefits. Although the feed-in tariff model supports the continuous operation of these renewable energy projects, many businesses require funding to initially deploy their projects and make them become a reality," said Kevin Heaney, VP of worldwide sales and marketing.
It is estimated that 40% of all wind energy in Europe blows in the UK, making it an ideal source for renewable energy. Feed-in tariffs have stimulated the growth of renewable energies across the UK. In 2010, the UK capacity for small wind turbines increased by 65%, according to RenewableUK. By the end of 2011, it is estimated that one third of farmers will have invested in renewable energy.
For more information or to speak to a local agricultural manager at Natwest, please refer to the NatWest website.
Endurance Wind Power is a manufacturer of advanced small wind turbines from 5 to 50kW in size, designed specifically for distributed wind power applications. Their line of modern, induction-based wind turbines brings efficient, reliable, safe and quiet, renewable energy within reach of homeowners, farmers, businesses and institutions across North America, the United Kingdom and an expanding global market.