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East Hanover, NJ, & Stamford, CT, Jan. 26, 2007 -- Comverge Inc. announced that it has obtained a $40 million senior credit facility from GE Energy Financial Services to expand its clean energy programs, which reduce energy costs by increasing available electric capacity during periods of peak electricity demand.
GE Energy Financial Services' debt finance group lead-arranged the credit facility for Comverge's wholly owned subsidiary, Alternative Energy Resources Inc. The credit facility, which has a seven-year term, will be used for capital expenditures and expansion of the subsidiary's existing and future awarded pay-for-performance Virtual Peaking Capacity programs. Designed to provide electric utilities with fully outsourced demand response provided by Comverge, these programs use a long-term pay-for-performance contract structure and provide demand response resources quickly and economically, with low risk to the utility.
"As utilities are faced with higher peak costs every year, our Virtual Peaking Capacity offering is gaining broad acceptance. This additional capital will help fuel the ramp-up of new programs that we expect to be awarded," said Comverge's chairman, president and CEO, Robert M. Chiste.
"This transaction with Comverge is GE Energy Financial Services' first corporate debt financing for a growing solutions provider in the strategically important demand response electricity management sector," said Tony Shizari, managing director and leader of the debt finance group at GE Energy Financial Services.
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