16th March 2016
16th March 2016
WALTHAM, Mass. – March 16, 2016 – EuroSite Power Inc., (OTCQX: EUSP) an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the United Kingdom (UK) and Europe has signed an On-Site Utility agreement worth approximately £3.02 (US$4.83) million with Doncaster Culture & Leisure Trust for The Dome leisure center, Doncaster, UK.
The contract is the first of its type to be funded by Societe Generale Equipment Finance following the recently announced project financing agreement. Speaking about the project, EuroSite Power’s Chief Executive Officer Dr. Elias Samaras noted, “The Societe Generale financing was put in place to enable EuroSite Power to deliver larger and more frequent installations of our On-Site Utility projects. Coming so swiftly after financing was secured, Doncaster Dome is much larger than our usual projects, demonstrating the amazing contribution of our financial partner to our future expansion.”
Under the terms of the 15-year On-Site Utility agreement for The Dome, a highly efficient combined heat and power (CHP) system will be installed, owned and operated by EuroSite Power at the leisure center. The center will then buy the energy produced by the system at a guaranteed lower rate than available directly from the grid. Estimated savings for the customer are in excess of £35,500 (US$56,800) per year, with no capital outlay or maintenance costs.
The 331kW TEDOM CHP system will produce up to 1,848,470 kW of electricity and 2,038,343 kW of heat per annum, while saving up to 667 tonnes of carbon dioxide (CO2) – equivalent to taking 140 cars off the road each year.
The new contract brings EuroSite Power’s contracted portfolio of systems to 37 with a total lifetime contract value to the company of £66.22M (US$105.95) million from units totaling 3,872 kW electrical capacity.
The Dome is an arena and leisure center in Doncaster, England with a swimming complex, bars, and a sports arena that is also used as an event venue. It also boasts the United Kingdom’s first ever split level ice skating rink.
The Dome’s Head of Facilities Terry Parker says, “Controlling costs, particularly the impact of Carbon Taxes like the CRC is essential to ensuring The Dome is able to provide the very best facilities for all our users. Cash flow is also obviously a vital concern so, with zero upfront costs, and immediate, guaranteed, risk-free savings, the EuroSite Power solution makes perfect sense.”
Paul Hamblyn, Managing Director of EuroSite Power, added, “This agreement marks yet another milestone for EuroSite Power. With a total of 15 leisure centers in the UK now set to enjoy on-going, risk-free, cheaper energy. Coming so soon after announcing the financing arrangement with Societe Generale, it shows a real statement of intent. We look forward to announcing more success in the months to come.”