RESCoLease launches Vendor Finance

Toronto, Canada - RESCoLease Corp. announced today the launch of a Vendor Finance Program (VFP) to support manufacturers, distributors, and retailers of renewable energy systems.

This program is tailored to the emerging cleantech market. "We have put funding together with our own in-house technology team to provide intelligent financing for this rapidly growing market," says Jim Mulheron, President of RESCoLease.

The Vendor Finance Program provides suppliers of clean technology with the ability to offer financing to their customers, enabling them to capitalize the cost of these solutions. "This market has many short-term payback solutions, but also a great number that are infrastructure related and require 20-yr financing," adds Mr. Mulheron. RESCoLease has built relationships with vendors of solar thermal, solar photovoltaic, small wind, bio-gas, bio-mass, and combined heat and power (CHP) technologies. By launching the Vendor Finance Program, RESCoLease will be able to further support the sales functions of these partners. This is part of the growing role that RESCoLease and the other RESCo companies are playing in the development of the cleantech and renewable energy sector.

Originally an in-house financing program, RESCoLease was formed as a joint venture with Manulease Capital, to make financing available to other organizations. These services include financing, leasing, lines of credit and now vendor financing.

Source: IWR Online, 10 Jun 2008