UGE raises $20 million fund for financing green telecom projects
Urban Green Energy to raise a fund for wind and solar projects in the telecoms sector to allow customers to convert from using diesel fuel sources to hybrid renewable energy
Urban Green Energy (UGE), the American renewable energy company, has partnered with Tamra Tacoma Capital Partners (TTCP) to raise a fund for wind and solar renewable energy projects in the telecoms sector.
The $20 million fund will provide financing to telecoms customers to convert from using expensive diesel fuel sources to hybrid renewable energy. It will help to greatly accelerate the deployment of UGE’s Levelized Energy Agreement Program (LEAP), UGE’s offering for telecom firms looking to lower the cost of powering network towers in developing countries and remote regions.
UGE has become a leading partner of mobile network operators and tower owners looking to lower the cost of energy while increasing reliability. Through the Levelized Energy Agreement (LEA), they are offering more affordable and reliable energy supply by leveraging its leading technology platform and vast international resources.
Most of UGE’s telecoms customers are in developing countries with poor energy infrastructure, leaving few options other than diesel generators to power these sites. In contrast, UGE’s proprietary technology prioritises solar and wind to offset diesel usage by over 90 per cent. UGE manages the entire energy supply for each tower, from initial site analysis and deployment to ongoing management, ensuring reliable and affordable energy supply at minimum hassle to the tower owner.
Though the upfront cost of such a solution is traditionally higher than using diesel, the operating cost is far lower. UGE’s financed approach negates this concern and allows customers to receive more reliable and cost effective energy from Day One. This leaves more capital for telecoms companies to expand, creating a virtuous cycle of economic development with minimal environmental impact.
While UGE is already working with several leading telecoms firms in North and South America, Africa and Asia, the fund will provide added flexibility to work with additional telecom clients in some of the industry’s fastest growing markets.