Key Equipment Finance Partners With Entropy Solar Integrators on $602,000 Solar Installation for Allied Old English, Inc.
Bottled food manufacturer benefits from commercial financing solution that reduces lease payments
Key Equipment Finance, one of the nation's largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE: KEY), today announced it has teamed up with Entropy Solar Integrators, LLC, a solar financier with an experienced and well capitalized engineering, procurement, and construction (EPC) division, to complete a $602,000 solar installation for Allied Old English, Inc., a premier bottler of branded and private label food products based in Port Reading, N.J.
"With this solar installation at its New Jersey headquarters, Allied Old English is conserving both energy and dollars," said Doug Beebe, vice president, energy finance for Key Equipment Finance. "The company is a forward-thinking manufacturer that is realizing the tax benefits of the Investment Tax Credit (ITC) and depreciation to reduce its lease payments."
Entropy Solar Integrators, based in Charlotte, N.C., with regional offices in White Plains, N.Y. and other locations in the U.S., designed, engineered and built the rooftop solar array totaling 345 kilowatts.
"Entropy Solar Integrators works hard to give our customers and project developers the financial and technical guidance and execution they need for a solar project that is on time and on budget," said Anthony Conklin, investment acquisition specialist for Entropy Solar Integrators. "We applaud Allied Old English for making renewable energy a part of its facility."
Allied Old English is consuming the solar power and receives income from the sale of New Jersey Solar Renewable Energy Certificates. The company is projected to generate 423,887 kilowatt hours annually, which equates to about 644,393 pounds of carbon dioxide removed from the atmosphere. Allied Old English estimates the installation will generate approximately $2,502,000 of gross income over its 25-year life span.
"As a third-generation family owned and operated corporation, Allied Old English is always seeking ways to improve the world for future generations, and reducing our carbon footprint is one way to do this," said Frank Gatti, CFO of Allied Old English. "Our partnership with Key Equipment Finance and Entropy Solar Integrators has enabled us to go green at our headquarters while also reducing our energy costs."
Key Equipment Finance offers equipment financing and business leasing solutions to a range of business types and industries. Learn more at http://www.keyequipmentfinance.com.
About Key Equipment Finance
Key Equipment Finance has been in the equipment finance business for 41 years and is one of the largest bank-based equipment finance providers in the U.S. The company provides tailored equipment lease and finance solutions for commercial clients and government entities. Through its manufacturer and vendor alliances unit, equipment finance programs are developed for manufacturers, distributors and resellers.
Key Equipment Finance's innovation markets group includes an energy finance team, which provides leases tailored to the energy market. Headquartered outside Denver, Colorado, Key Equipment Finance manages nearly $10 billion in assets and originates over $4.5 billion of equipment financing annually. For more information, visit http://www.keyequipmentfinance.com.
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $95.1 billion at December 31, 2015.
Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 12 states under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
About Entropy Solar Integrators LLC
Entropy Solar Integrators, LLC, with more than 360MW of projects financed and built in 2015, is a solar financier with an experienced and well capitalized engineering, procurement, and construction (EPC) division. Entropy and its affiliates provide equity and construction finance capital to developers and long-term project owners. For more information, visit http://www.entropyim.com.
About Allied Old English, Inc.
Allied Old English, Inc., is a food manufacturing business that manufactures its own brands as well as those of other companies. The company specializes in sauces of many varieties but is also capable of manufacturing drinks, drink mixes, dips, peanut butter, fudge sauces, and other liquid products that are packed in either glass or plastic bottles.
Allied Old English also invented ALL Fruit jams and Jellies in 1982. The company has been prominent for over 60 years in the health food industry and sells Plantation blackstrap molasses, used by men and women as the best natural source of iron, calcium, potassium and magnesium. The company is also a chief supporter of the Art Renewal Center (ARC), which aids over 70 art schools, and The Da Vinci Initiative (DVI), which is bringing proper skill-based training to public schools across America.