Comverge Gains $40 M to Grow Clean Energy Programs

Acorn Factor, Inc.’s equity affiliate, Comverge, Inc., has obtained $40 million credit from GE Energy Financial Services to expand its subsidiary, Alternative Energy Resources, Inc.’s clean energy programs, which increase available electric capacity during periods of peak electricity demand.

The credit facility, which has a seven-year term, will 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. “As utilities are faced with higher peak costs every year, our Virtual Peaking Capacity offering is gaining broad acceptance. This additional capital will help fuel the ramp-up of new programs that we expect to be awarded,” said Comverge’s Chairman, President and CEO, Robert M. Chiste. “This transaction,” said Tony Shizari, Managing Director and leader of the debt finance group at GE Energy Financial Services, “goes hand-in-hand with GE Energy Financial Services’ targeted effort in the renewables sector and aligns with GE’s ecomagination program to help its customers meet their environmental challenges while reducing its greenhouse gas emissions.”
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