NEW YORK, USA: CBD Energy Ltd announced that its subsidiary, Westinghouse Solar Inc. has secured up to $100 million of financing for its US residential solar systems customers. Under the financing arrangement, Westinghouse Solar customers can apply for a solar loan with competitive interest rates.
Gerry McGowan, executive chairman of CBD, said: "We continue to report solid traction in our US 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, said: "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 US subsidiary, Westinghouse Solar, retains financial exposure to loan delinquencies or defaults.