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.
SOURCE Key Equipment Finance