SUPERIOR, Colo., Feb. 28, 2011 /PRNewswire/ -- Key Equipment
Finance, one of the nation's largest bank-held equipment finance
companies in the U.S. and an affiliate of KeyCorp (NYSE: KEY),
today announced that the company has provided financing for the
Town of Superior, Colo. to obtain two ground-mounted photovoltaic
(PV) solar systems. The solar panels will be installed by
Louisville, Colo.-based Bella
Energy, a leading, full service, commercial solar integrator.
The PV solar systems will be installed at the town's water and
wastewater treatment plants. They will produce more than 280,000
kWh of electricity per year, which represents more than eight
percent of the town's total electrical consumption. The town
anticipates that it will reduce its utility bill by more than
$14,000 annually and will receive
$22,800 annually in renewable energy
credits (REC payments) from Xcel Energy.
"The Town of Superior has its
sights set on becoming entirely energy self-sufficient by 2018, and
the addition of these two new solar installations is a big step in
the right direction," said Andrew
Muckle, mayor of the Town of
Superior. "We're very fortunate to have one of the best
equipment finance companies in the world right here in our
backyard. The flexible lease options available from Key Equipment
Finance for energy efficiency projects made this transaction very
easy for us, and we anticipate this investment will be quite
profitable for our town over the next 25 years."
The town anticipates that the addition of the two new PV solar
installations will produce an immediate and perpetually positive
cash flow, estimated in excess of $500,000 over the anticipated 25-year life of the
solar panels.
"Bella Energy is proud to have worked closely with Key Equipment
Finance and the Town of Superior
in completing this solar energy project driven by public-private
financing," said Andrew McKenna,
executive vice president for Bella Energy. "Financing agreements
like this allow for money-saving investments and provide for local
job creation; it is our hope that more local governments will take
advantage of these types of agreements in the future."
"Key Equipment Finance has been based in Superior for more than 30 years, and it's
quite an honor to work with Bella Energy, based right up the road,
on a solution to meet the needs of our own hometown," said David
ten Kroode, vice president of energy finance at Key Equipment
Finance. "We're proud that the Town of
Superior is leading the way in terms of energy
self-sufficiency, and proud to be one of the Colorado companies involved in this project.
Energy efficiency installations are win-win investments for both
the city and the taxpayers, and we expect other cities and towns
across the country to adopt similar energy efficiency programs over
the coming decade."
About Key Equipment Finance
Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and
provides business-to-business equipment financing solutions to
businesses of many types and sizes. The company focuses on four
distinct markets:
- businesses of all sizes in the U.S. (from small business to
large corporate);
- equipment manufacturers, distributors and value-added resellers
worldwide;
- federal, provincial, state and local governments as well as
other public sector organizations; and
- lease advisory services for larger structured equipment needs
including single investor and leveraged leases, securitizations,
and structured debt.
Headquartered outside Denver,
Colorado, Key Equipment Finance manages nearly $11 billion in assets and originates
approximately $3 billion of equipment
annually. The company has major management and operations bases in
Albany, New York; London, England; Hong Kong, China and Sydney, Australia. The company, which supports
clients in over 40 countries, employs approximately 700 people
worldwide and has been in the equipment financing business for over
35 years. Additional information regarding Key Equipment Finance,
its products and services can be obtained online at
www.KEFonline.com.
Cleveland-based KeyCorp (NYSE:
KEY) is one of the nation's largest bank-based financial services
companies, with assets of approximately $94
billion. Key companies provide investment management, retail
and commercial banking, consumer finance, and investment banking
products and services to individuals and companies throughout
the United States and, for certain
businesses, internationally. For more information, visit
www.key.com. KeyBank is Member FDIC.
About Bella Energy
The people of Bella Energy have provided Colorado communities with renewable energy
since 1982. Specializing in mid to large-scale solar electric
systems, Bella Energy is one of the Rocky Mountain region's largest
solar energy companies. Our mission is to provide the solar energy
systems that will empower our future, help businesses grow,
families succeed and communities thrive. Learn more about
commercial solar installation at http://www.bellaenergy.com
About the Town of
Superior
The Town of Superior is a
suburban town with a population just over 12,000. Superior is
located in Boulder County, with
easy access to the City of Boulder
and Downtown Denver, and has a
natural backdrop along the western foothills that has been
preserved in open spaces by the Town and Boulder County. Superior's residents value its natural
setting, advantageous location and outdoor activities, which
includes over 540 acres of park and open space and 25 miles of
trails.
Superior's history became one
of coal mining. The first mines in the area were developed in the
late 1800s. The Town itself was founded in 1896 and incorporated in
1904. The Town reportedly was named after the "superior" quality of
coal found in the area.
CONTACT:
|
Tricia Akins
|
|
|
720-304-1300
|
|
|
patricia.a.akins@key.com
|
|
|
|
|
Key
Equipment Finance Website: www.KEFonline.com
|
|
|
|
SOURCE Key Equipment Finance