CHP System Funded by Societe Generale Agreement
WALTHAM, Massachusetts, Sept. 22, 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 commissioned and brought into operation an energy saving system at The Dome leisure center, Doncaster, UK, which is set to save Doncaster Culture & Leisure Trust an estimated £532,500 (US$700,000) over the next 15 years.
The highly efficient combined heat and power (CHP) system has been installed and is now being operated under the terms of a 15-year On-Site Utility agreement, meaning the leisure center has had to pay no capital or installation costs for the equipment. EuroSite Power will retain ownership of the equipment, covering all maintenance and operating costs for the term of the agreement.
Having avoided all upfront costs, the center is now buying the energy produced by the system from EuroSite Power, at a rate guaranteed to be lower than available directly from the grid.
The contract, originally agreed with the customer in March 2016, is the first of its type to be funded by Societe Generale Equipment Finance following a project financing agreement with EuroSite Power announced earlier this year.
Speaking about the project, 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. Doncaster Dome is much larger than some of our projects prior to the agreement with Societe Generale, demonstrating the amazing contribution of our financial partner to our future expansion."
The 331kW TEDOM CHP system will produce up to 1,848,470 kW of electricity and 2,038,343 kW of heat per annum, while saving up to 667 tonnes of carbon dioxide (CO2) – equivalent to taking 140 cars off the road each year.
The Dome is an arena and leisure center in Doncaster, England, with a swimming complex, bars, and a sports arena that is also used as an event venue. It also boasts the United Kingdom's first ever split level ice skating rink.
The Dome's Head of Facilities Terry Parker said, "Controlling costs, particularly the impact of Carbon Taxes like the CRC is essential to ensuring The Dome is able to provide the very best facilities for all our users. Cash flow is also obviously a vital concern so, with zero upfront costs, and immediate, guaranteed, risk-free savings, the EuroSite Power solution makes perfect sense."
Paul Hamblyn, Managing Director of EuroSite Power, added, "The switch on at the Dome marks yet another milestone for EuroSite Power. It represents our largest single system and with a total of 14 leisure centers in the UK now enjoying on-going, risk-free, cheaper energy, we look forward to announcing more successes in the coming months."
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 our On-Site Utility offering. 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 most recent annual report on Form 10-K. 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.
SOURCE EuroSite Power Inc.