EuroSite Power, an on-site utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the UK and Europe fully executed an agreement with Societe Generale Equipment Finance. Providing project financing for qualifying on-site utility installations, the SGEF agreement allows EuroSite to pursue larger and more varied opportunities.

Under the terms of a typical on-site utility agreement, highly efficient combined heat and power (CHP) systems are installed and commissioned at a customer’s facility at no upfront cost to the customer. The reliable clean power technology is owned, operated and maintained by EuroSite Power and the customer is billed according to their usage, at a guaranteed discounted rate to local utility fee structures. Because EuroSite Power assumes all the upfront expense of equipment purchase and installation, in the past the company was constrained by availability of funds in its pursuit of appropriate customer installation projects. The addition of SGEF’s committed project financing removes this hurdle and lays the foundation for strong growth.

“Covering new on-site utility projects in the mid-to-large end of the market, SGEF’s committed project financing means we may now confidently and more aggressively target larger opportunities as well as those customers with multiple potential installation sites,” said Paul Hamblyn, managing director of EuroSite Power. “With this formal financing agreement in place, EuroSite Power is positioning to rapidly expand its On-Site Utility model throughout the UK.”