Endurance Wind Power has announced a ground-breaking agreement with Asset Finance Solutions (AFS), who have developed an asset backed financing option exclusively available to purchasers of Endurance wind turbines.
Over 450 50 kW Endurance turbines are already installed on farms in the UK. , Endurance has recently begun production of the first British made 225 kW turbine at its Hartlebury manufacturing plant in the West Midlands, where eventually 100 turbines will be built per year and up to 100 green jobs will be created.
Hartlebury MP Peter Luff – who visited the Endurance site recently – said:“It was great to have a tour of Endurance’s Hartlebury facility to see first-hand how this green success story is creating high skilled jobs and exporting world-leading kit to farmers across the UK and beyond.
“This new announcement will help keep farmers in business, making it easier for rural landowners to secure the financing necessary to install these turbines and generate much needed additional income.”
“This is the very first asset-backed financing vehicle for wind turbine owners in the UK. This creative new finance option will help the hundreds of would-be owners who already have planning and grid approvals to finally secure up-front financing.”
Dave Rankin, Managing Director, Endurance UK, added: “This is a game-changer for the small wind industry and for hundreds of farmers in the UK. We are thrilled to offer farmers a new way to grow their businesses and reinvest in the rural economy. Endurance is the first to bring true, asset-backed financing to the market, giving farmers their best chance for reliable, additional, annual income through turbine ownership and producing green energy – even if the banks won’t help them.”
Mike Geddes, Commercial Director at AFS said: “AFS have a wealth of experience providing finance for capital expenditure for many industries including the agricultural sector. We have taken this experience and in conjunction with Endurance and our panel of funders we have developed a bespoke product enabling us to offer hassle free financing for wind turbines.”
Endurance is meanwhile today show-casing its new British-built turbines at the Renewable-UK International Small and Medium Wind Conference in Birmingham.