Orenda Energy Solutions secures a £2 Million Wind Turbine Investment Deal
Orenda Energy Solutions Limited, a turbine manufacturer for the global medium distributed wind industry with locations in Ontario, Canada and Livingston, Scotland, has secured a £2 million deal for ten of its 51kw Skye “tilting tower” wind turbines with privately owned Italian investment fund, PentaEnergon
The Turbines will be located in Scotland and built in phased programme over the next six – twelve months, with Orenda Energy Solutions providing a complete turnkey solution including the developed sites, the wind turbine systems, installation, commissioning and on-going operation and maintenance.
Orenda Energy was advised by DC Consulting, one of Scotland’s leading independent corporate finance firms which specialises in sourcing emerging technology companies for investors.
Angus Hay, Director at DC Consulting commented;
“We are delighted to have supported Orenda in delivering an innovative venture capital solution to assist with the role out of their pioneering wind turbine products into the UK market. Given the complexity and changing goal posts facing the renewable energy market with government legislation, it is with great delight that DC Consulting can announce the completion of the deal in such a short timeframe.
For Orenda Energy Solutions, Steve McMahon, VP Sales & Marketing, added;
“Like many technology-based markets, the UK small-medium wind sector started with early adopters who wanted to own a wind turbine and potentially profit from this investment. Today, the UK market has evolved and customers are now seen as ‘pragmatic investors’ are looking for complete ‘plug and play’ solutions. However, these investment opportunities must meet very stringent due diligence requirements and financial hurdle rates.
“Orenda Energy recognises this market dynamic and we therefore developed a strategy to become a site developer as well as a wind turbine manufacturer so we are now in a position to serve this very demanding class of customer with a full turnkey and investible proposition and securing this deal fully underlines that we have strong validation in terms of our Skye wind turbine, our company and our far-reaching vision.”
Gerry Lalonde, CEO of Orenda Energy Solutions, claims that the purchase of the turbines is a sound proposition in terms of the Return on Investment and further broadens the scope of Orenda’s growing appeal and attractiveness.
He adds; “By brokering such cohesive partnerships such as this one, we are strengthening our involvement as the small/medium wind turbine manufacturer which consistently delivers the returns investors are looking for.
If you add in complete performance guarantee, plus an all risk insurance package including loss of income, we are simply demonstrating our belief in this as a ‘win-win’ investment.”
Work on the contract starts immediately, with preliminary excavation and developmental work commencing at three pre-consented sites – two in Aberdeenshire and one in the Western Isles – with other locations set to come on stream at the beginning of next year.
Other sites have been identified by Orenda Energy and are at various stages of the planning process.
About Orenda Energy Solutions:
Orenda Energy Solutions designs and manufactures fully integrated wind turbine systems for the rural segment of the small distributed wind industry. Orenda’s 51kW Skye™ wind turbine is the solution of choice for farmers, large acreage landowners, and wind park developers and investors.
See more at: www.orendaenergy.com