Business & Finance
Business and Finance
Business and Finance
Mon, June 21, 2010 Abound Solar Names Key Equipment Finance as Vendor Financing Partner
SUPERIOR, Colo.--([ BUSINESS WIRE ])--[ Key Equipment Finance ], one of the nationa™s largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE: KEY) and [ Abound Solar ], a leading manufacturer of cadmium telluride thin-film photovoltaic solar modules, today announced the establishment of a new program to fund commercial-scale solar photovoltaic systems for Abound Solara™s customers in the U.S.
"Key Equipment Finance is a leader in providing financing solutions for commercial customers and government entities"
The relationship with Key Equipment Finance will enable Abound Solara™s integrators to offer flexible financing of complete photovoltaic systems using the companya™s solar modules, including cost of the balance of systems components and installation services. By offering a finance option, Abound Solar is enabling customers to match the expected cost savings from the solar panels to the cost of the payments, while allowing the end-user to retain tax benefits of system ownership. The program can accommodate a variety of transaction sizes ranging from $100,000 to millions of dollars.
aThe addition of a comprehensive finance program is one more example of Abound Solara™s commitment to making solar electricity more accessible to companies interested in using clean, renewable sources of energy,a said Adam D. Warner, president of Key Equipment Finance. aAbound Solar is built upon the idea that better technology can reduce the cost of solar electricity, and this finance program will make it easier for government entities, retailers and other commercial customers to obtain that technology while conserving cash.a
Abound Solar noted Key Equipment Financea™s knowledge of the energy industry, experience implementing finance programs for solar equipment manufacturers and the ability to team up with another Colorado-based company as primary reasons for selecting Key Equipment Finance as its finance partner.
aKey Equipment Finance is a leader in providing financing solutions for commercial customers and government entities,a said Julian Hawkins, Senior Vice President of Sales and Marketing of Abound Solar. aWe are excited to partner with them in providing flexible finance options for customers and contributing to the value proposition of photovoltaic systems built with Abound Solar modules.a
About Abound Solar
Abound Solar is a leading manufacturer of next-generation cadmium telluride thin-film photovoltaic modules. Built upon 15 years of development at Colorado State University and with support from the National Renewable Energy Laboratory, Abound Solar is producing solar modules that significantly reduce the cost of generating solar electricity using a robust, commercial-scale, continuous manufacturing process. For additional information, visit [ http://www.abound.com ].
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.
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 ].
