HENDERSON, Nev. -- Blue Earth Inc. has signed a finance agreement with US Energy Affiliates Inc. (USEA) to provide project financing for BBLU's energy savings upgrades/retrofits and distributed generation projects. USEA has a history of financing projects to retail petroleum and convenience stores, hotels and motels, retail commercial office buildings, restaurants, pharmacies, warehouses, schools, medical facilities, churches and other verticals.
USEA has agreed to finance only BBLU energy efficiency upgrades and alternative energy projects in California for two market sectors: retail petroleum with or without convenience stores and hotels/motels. USEA will receive 125,000 shares of BBLU restricted common stock, valued at $1.51 per share as consideration for the grant of exclusivity, for the two market sectors, through September of 2012.
The exclusivity is automatically extended as certain performance criteria are achieved.
The project financing program enables BBLU and its wholly owned subsidiaries, including Castrovilla Inc. and Xnergy Inc. to provide turnkey financing proposals for the equipment and installation of the energy savings upgrades to a broad base of vertical market sectors throughout the United States. Qualified customers can finance 100% of the project cost for up to five years.
The energy savings retrofits and upgrades are designed to reduce total energy costs enough to pay the monthly finance costs from the savings realized on the monthly power bill, so in effect the energy savings upgrades/retrofits becomes "self funding" and enable the customer to reduce operating costs.
Over the past decade USEA has been providing energy project financing for various types of energy projects. USEA has multiple funding sources that have been developed over three decades of equipment funding. USEA is a member of OneWorld Business Finance (OBF). The 25 member co-op, provides the volume of funding required to be considered by many large and otherwise inaccessible funding sources. OBF recently joined the Independent Community Bankers Association (ICBA) which gives OBF members like USEA access to over 4,000 community banks nationwide.
BBLU is engaged in the clean technology industry with a primary focus on the energy efficiency and renewable energy sectors. We strive to participate in the global movement for a sustainable planet by offering products and services that will optimize energy use, reduce harmful environmental emissions and substantially reduce energy costs to our customers.
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