GE Current partners with Aquila Capital, to provide funding solutions for growers looking to install low-energy LED lighting, through funds managed or advised by Aquila Capital. The partnership will allow growers across Europe who are designing new indoor farming facilities, or upgrading existing installations to the latest lighting technology, to deploy Current’s range of Arize horticultural LED solutions, faster and with the aim of no up-front capital expenditure.
Projects financed through the new partnership have the potential to achieve CO2 savings of 30-40% vs existing installations, with repayment calculations based on a proportion of future energy costs. By removing the financial barriers to the latest generation of horticultural lighting and by supporting growers through every step of their journey to LED, Current aims to help optimize the quality and volume of yields, whilst significantly reducing the environmental impact of indoor farming.
James Fleet, Commercial General Manager, EU, ME & ANZ, Current said: “The horticulture the industry is well aware of its environmental responsibilities and the sustainability targets being handed down across all sectors. Aquila Capital’s energy efficiency team is the ideal partner as it has already helped a number of European greenhouse operators to implement energy-efficient biomass technology at scale. The team understands the needs of European growers and can build bespoke, flexible financing solutions rapidly, allowing them to reap the financial and environmental benefits of deploying our Arize LED solutions immediately and with minimal risk.”
Bruno Derungs, Senior Investment Manager, Aquila Capital’s Energy Efficiency Team said: “Our investment strategy is specialized on financing small-to-medium size energy efficiency projects for industrial or commercial companies, and implementing these projects in partnerships with experienced project developers. With Current, we have an excellent multinational technology provider as a strong partner. Our financing offering will further reduce the barriers for operators to run their greenhouses on the most innovative and energy-efficient technology. We are excited to contribute to our common goal of driving forward the energy transition by supporting Current to realize additional projects.”