2011 KEF News
Key Equipment Finance Provides Financing for Town of Superior Installation
Louisville, Colorado-based Bella Energy to provide solar installation; investment expected to generate $500,000 in cash flow for town over life of solar panels
SUPERIOR, Colo. – February 28, 2011 – Key Equipment Finance, one of the nation's largest bank-held equipment finance companies in the U.S. and an affiliate of KeyCorp (NYSE: KEY), today announced that the company has provided financing for the Town of Superior, Colo. to obtain two ground-mounted photovoltaic (PV) solar systems. The solar panels will be installed by Louisville, Colo.-based Bella Energy, a leading, full service, commercial solar integrator.
The PV solar systems will be installed at the town's water and wastewater treatment plants. They will produce more than 280,000 kWh of electricity per year, which represents more than eight percent of the town's total electrical consumption. The town anticipates that it will reduce its utility bill by more than $14,000 annually and will receive $22,800 annually in renewable energy credits (REC payments) from Xcel Energy.
"The Town of Superior has its sights set on becoming entirely energy self-sufficient by 2018, and the addition of these two new solar installations is a big step in the right direction," said Andrew Muckle, mayor of the Town of Superior. "We're very fortunate to have one of the best equipment finance companies in the world right here in our backyard. The flexible lease options available from Key Equipment Finance for energy efficiency projects made this transaction very easy for us, and we anticipate this investment will be quite profitable for our town over the next 25 years."
"Key Equipment Finance has been based in Superior for more than 30 years, and it's quite an honor to work with Bella Energy, based right up the road, on a solution to meet the needs of our own hometown," said David ten Kroode, vice president of energy finance at Key Equipment Finance. "We're proud that the Town of Superior is leading the way in terms of energy self-sufficiency, and proud to be one of the Colorado companies involved in this project. Energy efficiency installations are win-win investments for both the city and the taxpayers, and we expect other cities and towns across the country to adopt similar energy efficiency programs over the coming decade."
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. The company focuses on four distinct markets:
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.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93.3 billion. BusinessWeek magazine named Key the top bank in its Customer Service Champ 2009 edition, ranking Key 11th out of the top-25 companies that include many known for their customer service acumen. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit www.key.com.