Barre, VT USA (13 January 2016) – Northern Power Systems Corp. (TSX: NPS), a next generation renewable energy technology company, today announced that its flagship distributed generation wind platform is available to businesses, farms and other property owners with a compelling financing solution.
Northern Power Systems is now offering a lease program to allow users to take advantage of wind energy with 100% financing, and no increase of payments during the lease period. According to the U.S. Energy Information Agency (www.eia.gov), US electricity prices are forecasted to increase every year by at least 2.7% in the next 20–30 years, surpassing the expected rate of inflation.
The NPS 100 wind platform is a state-of-the-art product in its third generation of technology, optimized for efficiency and proven to be reliable with a fleet of nearly 500 turbines deployed around the globe. It is targeted to medium level power users, like a wind garden feeding 15-20 homes, a farm with substantial agricultural machinery or a small factory or business that is keen to lock in flat electricity rates, save substantial money and eventually own the asset.
“Over a period of twenty years, the Northern Power solution will save our customers significant amounts on their electricity bill” commented Diego Tebaldi, VP of Global Business Development at Northern Power Systems, adding “with no upfront equipment costs and a path to full ownership within 7 years. The Northern Power offering comes as a turnkey solution including installation, maintenance and servicing to assure maximum value and peace-of-mind. This agreement with LFC gives yet another option for people to go green.”
LFC Capital, Inc., with more than $1.5 billion of equipment leasing experience, has created The LFC Clean Energy Ownership Program for commercial and industrial companies seeking greater overall value from clean energy systems than the limited cost savings offered by power purchase agreements. The program is especially appealing to companies such as LLCs that cannot directly benefit from a federal tax credit.
“We’re very pleased that Northern Power Systems has selected the LFC program as an effective way to make wind systems affordable for their business customers,” said Stanley S. Fishbein, Managing Director, LFC Capital, Inc.
The LFC program uses a traditional operating lease and innovative purchase options after six and seven years to provide companies with a predictable low-cost of ownership while satisfying tax rules. Companies obtain an attractive return on investment by keeping all energy savings over the long life of these wind systems. The program is available in all 50 states.
About Northern Power Systems
Northern Power Systems designs, manufactures, and sells wind turbines and power technology products, and provides engineering development services and technology licenses for energy applications, into the global marketplace from its US headquarters and European offices.
- Northern Power Systems has almost 40 years’ experience in technologies and products generating renewable energy.
- Northern Power Systems currently manufactures the NPS™ 60 and NPS™ 100 turbines. With over 8.5 million run time hours across its global fleet, Northern Power wind turbines provide customers with clean, cost effective, reliable renewable energy.
- Patented next generation permanent magnet direct drive (PMDD) technology uses fewer moving parts, delivers higher energy capture, and provides increased reliability due to reduced maintenance and downtime.
- Northern Power Systems’ FlexPhase™ power converter platform uses patented converter architecture and advanced controls technology for advanced grid support and generation applications.
- Northern Power Systems offers comprehensive in‐house development services, including systems level engineering, advanced drivetrains, power electronics, PM machine design, and remote monitoring systems to the energy industry.
- Some of the world’s largest manufacturers license the company’s next generation technology and IP for their utility and distributed wind products and markets.
To learn more about Northern Power Systems, please visit www.northernpower.com.
About LFC Capital
LFC Capital was formed in 1994 as a successor to a number of financial services companies founded by LFC’s CEO, Martin Zimmerman, one of which became the largest independent healthcare leasing company in the industry. Today, LFC Capital provides a range of leasing and financial services to hospitals, clinics, physician group practices, long-term care facilities, and healthcare suppliers, as well as emerging growth companies in healthcare, information technology, and select industries.
To learn more about LFC Capital, please visit www.lfccapital.com
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Northern Power Systems and its business, which may include, but is not limited to, product and financial performance, regulatory developments, supplier performance, anticipated opportunity and trends for growth in our customer base and our overall business, our market opportunity, expansion into new markets, and execution of the company’s growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of Northern Power Systems. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the wind power industry; production, performance and acceptance of the company’s products; our sales cycle; our ability to convert backlog into revenue; performance by the company’s suppliers; our ability to maintain successful relationships with our partners and to enter into new partner relationships; our performance internationally; currency fluctuations; economic factors; competition; the equity markets generally; and the other risks detailed in Northern Power Systems’ risk factors discussed in filings with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to Northern Power Systems’ Annual Report on Form 10-K filed on March 31, 2015, as well as other documents that may be filed by Northern Power Systems from time to time with the SEC. Although Northern Power Systems has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Northern Power Systems undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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