Windfall for US startup Canada firm gives $200mn

The funding is a vote of confidence not only in the Brooklyn, New York-based start up, but in the nascent market for wind energy that is both produced and used on site. Distributed generation, or power that is produced where it is consumed, has taken off in recent years as governments have pushed for more renewable sources of energy and have sought to scale back on fossil fuels like coal and natural gas that are traditionally used in utility-owned power plants. 

Small wind turbines work best on large properties, generally an acre or more, where wind is abundant. The turbines are far smaller than the massive ones seen in a typical industrial wind farms. United Wind customers include farms, industrial facilities and rural homes. 

The $200 million will fund about 1,000 projects in the Northeast and Midwest, United Wind told Reuters, allowing the privately-held company to expand significantly beyond the 26 projects it developed since 2013. 

Much like popular solar lease programs, United Wind’s lease program allows farmers or other rural property owners, with no upfront cost, to power their homes or businesses with small wind turbines, producing between 50 and 100 percent of their electricity needs while lowering their overall energy costs. 

United Wind’s primary source of revenue comes from monthly payments by its customers.