January 24, 2007—Comverge, Inc. has 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, Comverge says.
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.
GE Energy Financial Services identified Comverge as a leading demand response company within the clean energy industry, based on its Virtual Peaking Capacity business model and its products that efficiently reduce demand for electricity during peak consumption periods, according to the company.
Comverge is a leading provider of Clean Energy solutions that enhance grid reliability and enable utilities to increase available electric capacity during periods of peak energy demand on a more cost-effective basis than conventional alternatives. For more information, see the Web site.
