Advanced Energy Capital Signs Deal with EarthPoint Solutions to Provide $25 Million in Funding for Geothermal installations in North America
Advanced Energy Capital has agreed to fund up to $25 million to EarthPoint Solutions in order to facilitate construction of geothermal energy loops around the USA and Canada. The deal will be the first of many in the space.
New York, NY September 03, 2014
Advanced Energy Capital, LLC ("AEC"), an energy finance company led by Jack Doueck and Richard Rudy, has announced that it has signed a Letter of Intent with EarthPoint Solutions to finance up to $25,000,000 in geothermal loop installations in North America.
"AEC is the ideal partner for us. Messrs. Doueck and Rudy and their team has extensive experience in finance - especially in renewable energy. Given their partnership with Greenbacker Group and Greenbacker's $1.5 billion raise for renewable energy finance, we are optimistic that this is the first of many deals to come," said Isaac Sutton, CEO of EarthPoint Solutions.
The first group of transactions – Geothermal Loop installations on new construction for commercial and multi-family real estate projects – are expected to fund in the Fall of 2014 and early 2015. EarthPoint's focus is to save real estate project developer's money and help them lower their building's carbon emission foot print. Typical Geothermal installations last 25 years or more.
The partners at AEC have been together 20+ years and the relationship with EarthPoint's principals is long one. "We have known the principals of EarthPoint Solutions for more than two decades. They are hardworking people of integrity. We are excited about the future prospects of EarthPoint," said Jack Doueck, principal of Advanced Energy Capital.
"AEC is currently looking at dozens of renewable energy, energy efficiency and energy storage projects and we are thrilled to sign what we believe to be the beginning of a fruitful relationship with EarthPoint." said Rick Rudy, principal of AEC.
"The geothermal industry has been plagued by barriers ‎the most significant being financial. We believe this new model will not only break down the barriers but allow geothermal to be on par with conventional heating and cooling options," said Tim Weber, Director of Sales at EarthPoint.
"The powerful combination of our partner's renewable energy expertise, and AEC's credit, finance and structuring expertise should help many companies achieve their goals," said Jack Doueck, principal and co-founder of AEC. "Energy Efficiency groups, including Storage and Geothermal Loop players, are looking for ways to market their products and will now be able to offer a ‘turn-key' solution for the end-users which they expect will open the door to exponential growth."
AEC is a specialty finance firm dedicated to providing affordable and innovative financing solutions to Energy Efficiency, Energy Storage, Renewable Energy and Retail Energy businesses. AEC's flexibility allows it to focus on small and medium size businesses and its capital pool permits it to fund significant projects and pipelines of opportunity. AEC's finance clients have tapped into both senior as well as junior tranches of capital to jump-start their growth. With respect to Energy Efficiency and Energy Storage, AEC has developed unique and simple end-user turnkey financing solutions that enable energy firms to dramatically increase their revenues by offering customers embedded financing without up-front payments.
About EarthPoint Solutions:
EarthPoint Solutions is a North American provider of an innovative geothermal utility model. Clients leverage EarthPoint's unique approach, experience and successful track record to ensure the geothermal component of their project meets the highest standards, while providing a maximum return on investment. EarthPoint's mandate is to remove the upfront capital cost typical of most geothermal ground loops by turning it into a long term operational cost. This allows clients to build environmentally and economically sustainable buildings without compromising the construction budget.