WALTHAM, Mass., July 6, 2016 /PRNewswire/ -- EuroSite Power Inc., (OTCQX: EUSP) an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the United Kingdom (UK) and Europe has signed an On-Site Utility agreement worth approximately £4.11 million with The Celtic Manor Resort, Newport, South Wales, United Kingdom.
Home of the 2010 Ryder Cup and host venue of the NATO Summit 2014, the five-star Celtic Manor Resort is set in more than 2,000 acres of panoramic parkland at the gateway to Wales. With three hotels – a 334-room luxury Resort Hotel, an historic 19th century Manor House with 67 rooms, and an additional 148-bedroom hotel, Coldra Court – two exceptional spas, two state-of-the-art health clubs, fishing, adventure golf, treetop high ropes course, tennis courts, mountain biking and walking trails, The Celtic Manor Resort provides a complete experience for business, leisure and golf travelers.
Under the terms of the 15-year On-Site Utility agreement, EuroSite Power will install a highly efficient combined heat and power (CHP) system at The Celtic Manor Resort. EuroSite Power will retain ownership of the equipment installed and cover all maintenance costs. Avoiding any capital outlay, the resort will simply buy the energy produced by the system from EuroSite Power at a rate guaranteed to be lower than if it were to source the same energy directly from the grid.
The 400 kW TEDOM CHP system will produce up to 2,174,960 kW of electricity and 2,579,990 kW of heat per annum, while saving up to 751 tonnes of carbon dioxide (CO2) – equivalent to taking 159 cars off the road – each year.
The new contract brings EuroSite Power's contracted portfolio of systems to 38 with a total lifetime contract value to the company of £70.33 million from units totaling 4,498 kW electrical capacity.
The contract is the second of its type to be funded by Societe Generale Equipment Finance following a project financing agreement with EuroSite Power announced March 2016.
EuroSite Power's Chief Executive Officer Dr. Elias Samaras noted, "The Societe Generale financing was put in place to enable EuroSite Power to deliver larger and more frequent installations of our On-Site Utility projects. We are very pleased to be able to announce the second contract financed by this agreement, with such a prestigious customer as Celtic Manor Resort."
Russell Phillips, Vice-President of Facilities and Development at Celtic Manor Resort, said, "While controlling costs helps us ensure we continue to provide the very best value to our customers, we also take our environmental responsibility seriously at The Celtic Manor Resort. With zero upfront or maintenance costs, the EuroSite Power solution provides immediate cost and carbon emission savings, risk-free and guaranteed for the next fifteen years."
Paul Hamblyn, Managing Director of EuroSite Power, added, "We are immensely proud to announce this agreement with The Celtic Manor Resort. This new agreement adds to our list of prestigious customers in the golf sector, providing hard evidence of the attractiveness of our offer to this market, alongside our growing presence in the hotels and leisure sectors."
EuroSite Power sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility solution customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation, operating expenses and support are paid by EuroSite Power.
About EuroSite Power
EuroSite Power Inc. is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by conventional energy suppliers - without any capital or start-up costs to the energy user - through On-Site Utility energy solutions. For more information about our unique efficient power solutions please visit www.eurositepower.co.uk and follow us on Twitter and LinkedIn.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings, including its annual report on Form 10-K for the fiscal year ended December 31, 2015. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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SOURCE EuroSite Power Inc.