AES awarded contract by Gosling’s for large-scale commercial renewable energy system

Posted by on Jan 17, 2012 in Local News & Alerts | 0 comments

(Hamilton, Bermuda, January 17, 2012)  Local company Alternative Energy Systems (AES) today announces it has been awarded by Gosling’s with the contract to engineer, design, supply and install a photovoltaic (PV) solar energy system to generate electricity at its head office in Hamilton. Gosling’s will be the first commercial customer to finance the project in full through The Bank of N.T. Butterfield & Son Limited (Butterfield).

“This latest project carries great significance,” says AES founder and Chief Executive Officer, Tim Madeiros. “It’s two of Bermuda’s oldest establishments working together to take a modern approach to energy.”

The 136 kilowatt system, which will be installed on the main warehouse roof, will produce over 17,000 kilowatt hours or more than $6,500 worth of electricity per month based on today’s cost of electricity.

“As the price of energy continues to rise along with our awareness for environmental stewardship, we decided that Gosling’s needed to make a move toward renewable energy,” said Nancy Gosling, President and C.E.O. of Gosling Brothers Limited. “In working with Butterfield, we were able to obtain full financing, which was a huge factor in moving forward with the project.”

The monthly payments are lower than the savings in electricity per month, which makes the system cash flow positive from the first month.

Lee Simmons, Vice President, Corporate Banking at Butterfield, said: “Building upon our longstanding relationship, we are pleased that Gosling’s Limited selected Butterfield to provide financing for the installation of a photovoltaic solar energy system at its Hamilton warehouse.  We applaud their forward-looking efforts to
reduce their environmental impact and improve their operating efficiency.”

Bob Wilson, Executive Vice President, Corporate Banking, said: “Butterfield is currently the exclusive supplier of financing for AES-installed solar panels, and we look forward to assisting many more customers who wish to take control of their energy costs through the installation of AES systems.”

In addition to the cost savings, the Gosling’s solar energy system will save 3.8 million pounds of CO2 from entering Bermuda’s atmosphere.

“Having just debated the Energy White Paper, I can say that there is strong desire across the board to encourage businesses and individuals in Bermuda to incorporate renewable energy,” said the Hon. Marc Bean, JP, MP, Minister of Environment,
Planning & Infrastructure Strategy. “I commend Gosling’s and Butterfield for not only being a part of important environmental change, but also for inspiring others to do the same.”

Customers interested in learning more about a PV solar energy system should contact Tim Madeiros, Chief Executive Officer of AES, on 505-0804 or tim.madeiros@aes.bm to schedule a site assessment. Following the site assessment, AES will develop a proposal with complete financial and engineering analysis, including the government rebate of up to $5,000, and submit it to the client, along with a Butterfield solar panel financing application, should financing be required. The customer then submits the completed application to the Bank for review. Following the Bank’s approval of the loan, AES will move forward with the project and the funds will be released to AES.

AES, named in 2011 by Bermudian Business as the “One to Watch” for innovation and forward thinking in the solar energy market, manages all aspects of a photovoltaic project in-house to ensure a cost-effective and seamless solution for its clients. In addition to Mr. Madeiros, the AES team is comprised of Project Manager Earl Wescom and Technician Armindo Ferreira.

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