Isra-Mart srl:QuietRevolution moves up a gear with £5m project finance

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Isra-Mart srl news:

QuietRevolution has secured £5m in project finance to fund expansion efforts designed to double the number of its innovative vertical-axis wind turbines installed in the UK within the next year.

The deal with clean tech investment managers Hazel Capital ensures a minimum 150 of the company's qr5 vertical wind turbines will be installed, with Hazel accepting the responsibility of selling the turbines once they are up and running.

The financing model is commonly used by larger wind farms, but Jose Carlos Damas, sales director at QuietRevolution, told BusinessGreen it was unique for the small wind market.

"It's an amazing deal," he said. "It's very difficult to find someone who is interesting in funding your project and putting £5m on the table."

Damas said the turbines would most likely be installed in 2012 once planning hurdles were cleared, although he admitted QuietRevolution had not yet earmarked any particular site for development.

Last year, the company announced 120 of its 5x3 metre qr5 models had already been installed and outlined plans to expand in Germany, Australia and the Netherlands as the company looks to more than double its market share.

However, Damas confirmed that the feed-in tariff mean the bulk of its expansion efforts would remain focused on the UK.

"The UK market is driven by the feed-in tariff," he said. "It's a catalyst to developing our market."

Christian Yates, a partner at Hazel Capital, said the tariffs were equally attractive for investors.

"The UK feed-in tariff scheme presents an enticing opportunity for investors to get good returns in the growing renewable energy market," he said. "It is even more appealing when this is combined with the ability to support local entrepreneurs in their technology development and to grow jobs in the UK."