EuroSite Power signs Second Contract with Wentworth Club worth £1.23 Million
Friday November 9th 2012
In 2012 the Company has Booked Contracts of Approximately £30.7 (US$49.1) Million
WALTHAM, Mass. – November 7, 2012 – EuroSite Power Inc., (OTCQB: EUSP) an On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centers in the United Kingdom (UK) and Europe, today announced that it has signed a second contract with the world famous Wentworth Club in the United Kingdom. The contract to install a combined heat and power (CHP) system for the main Clubhouse is worth £1.23 (US$1.96) million to EuroSite Power over the fifteen-year term and follows a £1.75 million contract for Wentworth’s Tennis & Health Club announced in September.
Under the terms of the agreement, EuroSite Power will install and operate a CHP system at the club’s Clubhouse, which will produce up to 100 kWe of power or approximately 1.34 GWh of total energy per annum, while saving up to 277 tonnes of CO2, each year. Wentworth Club will receive a discount on the energy produced by the CHP system and reduce its carbon emissions from the property.
Paul Hamblyn, Managing Director of EuroSite Power said: “We are very pleased that Wentworth Club has decided to expand its relationship with EuroSite Power. The contract brings this year’s totals to bookings of an estimated 21.34 GWh of energy per year for an approximate total revenue value of £30.7 million over the term of the contracts.”
EuroSite Power will produce clean energy in the form of electricity, heating and domestic hot water for Wentworth Club’s Clubhouse at a price lower than the club’s current and future energy suppliers. Because Wentworth Club opted for the Company’s On-Site Utility solution, the club will pay only for the energy used and will avoid all capital, installation and operating costs. EuroSite Power will also handle all service, maintenance and repair, meaning the club will not need to provide manpower to support the energy equipment.
The specific CHP system planned for the property is expected to reduce its emissions by up to 277 tons of carbon dioxide each year and because good quality CHP is supported by the UK government, the impact of the Climate Change Levy will be greatly reduced.
EuroSite Power sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation, operating expenses and support are paid by EuroSite Power.