CBD Energy Limited (NASDAQ: CBDE) (“CBD” or the “Company”), a diversified clean energy company and leading global provider of solar systems, announced today that its subsidiary, Westinghouse Solar, Inc. has secured up to $100 million of financing for its U.S. residential solar systems customers. Under the financing arrangement, Westinghouse Solar customers can apply for a solar loan with competitive interest rates.
Mr. Gerry McGowan, Executive Chairman of CBD commented, “We continue to report solid traction in our U.S. growth strategy and this arrangement with an established finance provider will allow our Westinghouse Solar customers to install and own their own system. While enjoying the many benefits it delivers with no upfront cash outlay and the savings in power costs will more than cover their monthly repayment. We believe this product will provide the Company with significant sales and growth opportunities. Upon loan approval, CBD will receive up to 50% of the sales price of a system with the balance paid on installation, which will greatly improve our working capital position.”
James Greer, SVP of Westinghouse Solar, commented, “We recently established our residential Westinghouse Solar business in Massachusetts and are seeing a great response so far. We believe the residential solar business has the potential to experience significant growth as we look to build our footprint in the US into 2015 and the availability of up to $100 million in financing will ensure that Westinghouse Solar can deliver our products to our customers on a competitive basis.”
The solar system financing solutions offered by Westinghouse Solar are subject to certain conditions and credit approvals. They are underwritten, serviced and owned by third-party financing sources and neither CBD nor its U.S. subsidiary, Westinghouse Solar, retains financial exposure to loan delinquencies or defaults.
To learn more about our solar systems and loan offerings, or to schedule a free Westinghouse Solar site evaluation, please visit us at: www.westinghousesolar.com
About CBD Energy Limited (NASDAQ: CBDE)
Established in 1989, CBD Energy Limited is a diversified renewable energy company and a global leader in solar installations. Powered by a management team with deep experience in the energy sector and strong engineering capabilities, CBD is focused on the integration of residential solar, commercial and industrial solar, small utility scale solar and wind projects, in three principal markets – Australia, the United Kingdom and the United States. CBD markets its residential and commercial solar installations under the name Westinghouse Solar, using the WESTINGHOUSE® trademark pursuant to an exclusive, long-term worldwide license.
Headquartered in Sydney, with principal regional offices in London and New York, CBD has completed projects across four continents in Australia, Fiji, Germany, Italy, New Zealand, Thailand, the United Kingdom and the United States. CBD has installed more than 17,000 residential systems and developed large renewable energy projects such as the 107MW wind farm in Taralga, NSW. For further information on CBD Energy Limited and Westinghouse Solar, please visit:
Caution Concerning Forward-Looking Statements
This news release contains ‘forward-looking statements.’ Such forward-looking statements can be identified by, amongst other things, the use of forward-looking language, such as the words ‘plan’, ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘estimate’, ‘project’, ‘may’, ‘would’, ‘could’, ‘should’, ‘seeks’, or ‘scheduled to’, or other similar words, or the negative of these terms, or other variations of these terms or comparable language, or by discussion of strategy or intentions.
The forward-looking statements in this release include statements regarding the implied value of certain contracts. Such forward-looking statements are subject to various risks, as well as those set forth in the Corporation’s most recent Form F-1, as filed with the U.S. Securities and Exchange Commission (SEC), and involve assumptions, estimates, and uncertainties that reflect current internal projections, expectations or beliefs. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements contained in this news release are qualified in their entirety by these cautionary statements and the risk factors described above. Furthermore, all such statements are made as of the date of this release, and CBD Energy Limited assumes no obligation to update or revise these statements unless otherwise required by law.