Xzeres to sell 1,000 turbines to British wind outfit
By Andy Giegerich
Digital Managing Editor
The Prowind deal could exponentially boost revenue for Xzeres, which collected $4 million in 2012 sales.
Wilsonville’s Xzeres Corp. said Thursday it has struck a deal to sell 1,000 of its wind turbines to a British company.
Xzeres (OTCQB: XPWR), which designs and makes 2.5-10 kilowatt wind-powered distributed energy turbines and other renewable energy products, announced the agreement with Prowind Ltd.
Xzeres officials could be immediately reached for comment on the agreement.
A single Xzeres wind turbine costs $100,000 installed. Prowind, which develops wind projects, is set to purchase 200 of the units by the end of this year.
Prowind will take advantage of a UK feed-in tariff program that, by selling power back to the grid, will ensure a 20-year recurring revenue stream.
Xzeres CEO Frank Greco said in a release announcing the deal that the arrangement “provides the unique advantage of creating a mutually beneficial arrangement with local land owners and at the same time yield an attractive investment return for the portfolio investors.” Plus, Xzeres plans to builds more systems for all customers in coming months.
Prowind’s Managing Director Keith Brooks called the 10kW turbines the “best-in-class” wind systems.
Xzeres’ financing partner Renewable Power Resources LLC will play “an active role in supporting this program,” Greco said in a release.
Prowind’s group of companies has its head office in Osnabrueck, Germany.
Xzeres reported $4 million in revenue during 2012. The company reported it procured a $6.5 million credit facility in April.
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