Trevor Finlay – Managing Director of Vision Asset Finance announcing the initiative said, “We rent Cisco equipment for as little as one week, or for as long as one year. Our Cisco rental contracts are completely flexible. Customers can entend their rental contracts as their requirements change. We expect the service to appeal to clients who have short term peaks in demand, temporary off-site requirements or who want to trial a new system before committing to purchase.”

For more information see our dedicated micro-site at ciscorentals.co.uk

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Many small business owners don’t realise that funding is still available for equipment purchases, even if their banks are turning them down,” says Trevor Finlay, MD of Vision Asset Finance. “Here at VAF, we get deals done for our clients every day; which means they get the new equipment they need now, and their business starts to reap the benefits immediately.”

“With over 12 years of experience in doing business for small to medium sized businesses, we are able to secure competitive finance terms for almost all types of business equipment including software, telephone systems, CCTV and IT Systems. Leveraging our relationships with specialist funders, we are able to quickly process new applications, many of which are approved same day.”

Having recently launched a Quick Quote feature on our corporate website, the team at VAF is enthusiastic about the level of interest in business expansion.

While the economy remains challenging, you can trust VAF to help get your business moving in 2013, with a specialist team to help you every step of the way. Fast, Effective, Competitive – that us.

Call us today for a chat about your requirements. Tel: 028 2565 6000

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Christmas Opening:

Christmas greetings to you from all the team here at Vision Asset Finance. Thank you for all your support in 2011, and we look forward to continuing business with you in the New Year.

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Banking your Project
You’d think that with the enhanced levels of NIROCs available that securing finance for your project would be relatively straightforward? Well, as many are now finding out – you’d be wrong.
The banking crisis of 2008 has resulted in many of our local banks having to recapitalise, and as such they have been unable to meaningfully support the renewables sector. While most of them have long term commitments to the N.I. farming sector, they have struggled to convince their credit departments to provide additional facilities for what are essentially ‘new’ technologies, particularly when there are so few local examples of the technology up and running.
The present reality is that the early projects already commissioned or under construction are 100% self-funded or have a modest level of bank debt secured against land based security AND alternative income streams. For many prospective projects in the pipeline, this funding scenario is not an option.
Funding Alternatives
Thankfully, as with any gap in a market, other financial players have moved to pick up the slack left by the banks. There are currently a number of private and public funds active in the local market that may be interested in helping with specific projects. This takes us into the world of ‘Project Financing’ which carries a whole new set of funding parameters compared with the regular secured loan facilities that farmers will be most familiar with.

Project Finance for Anaerobic Digestion
If we take an AD project as an example; a Project Finance facility from an investment fund will offer up to 100% funding for your project. Funding is currently available from several funds between a minimum of 5 to maximum of 10 years. The Fund will typically cover all the primary costs of construction and technology plus costs of grid connection, feedstock storage, tractors, trailers and other necessary items for effective operation of the plant.
The following is an outline of the likely Investment Criteria required to secure project financing for an AD plant.

1.  Planning Approval

2.  Feedstock Supply Security: The funds need to be convinced over the security of feedstock supply for a minimum period of 7 years

3.  Technology Approval: A full due diligence will be undertaken on the preferred technology vendor to ensure that they are suitably experienced, credit worthy and able to contract under UK based construction terms for the project supply and associated warranties.

4.  Grid Connection: The offer of grid connection will need to be confirmed and the costs factored into the overall financial model to ensure project viability.

5.  Funding Vehicle: A new special purpose company (SPV) would act as the recipient of the funding. It would then enter into a supply contract for the supply of the feedstock to the plant. These contracts will be between the SPV and you and/or your primary supplier of feedstock.

6.  Operation: The SPV will contract with the farmer for the day to day running and operation of the plant.

7.  Feed Stock Supply: The SPV will contract with the farmer for the supply of feedstock to the plant. The SPV will pay for the supply of feedstock on a % of dry matter basis. Digestate removal will often also form part of this agreement.

8.  Power Purchase Agreement: The SPV will also negotiate and agree terms for the supply and sale of electricity to an approved energy company. NIROC income will also be secured via the SPV.

9.  Site & Access: The location of the plant will need to be established with full and unhindered access. A long term lease will be held by the SPV over the plant site, silos and include access rights over any lanes. The SPV will pay the landowner for the lease over the site.

10.  Costs & Structure: The costs of funding from a VCT fund will generally be higher than that generally on offer from banks. However, everything is negotiable and precise deal structure will depend on various factors such as feedstock security and the precise percentage of funding required. Funds will retain an active and majority shareholding in the SPV until the debt is repaid whereupon equity is transferred back to the farmer / landowner.

As with anything, this funding model is not prescriptive but provides an overview of the likely process to secure Project Financing for an AD project. I’d like to be able to confirm that this model also works for mid-scale wind turbines, however, unless you’ve got 3 or more turbines to finance – it doesn’t. The funds offering Project Finance for renewables generally start with transactions of £1.5m+ and hence the wind turbine projects of up to £500k need a different approach.

Wind Turbine Financing Options
While there is a level of debt available from banks to support wind turbines most of it is directed at the large wind farms with only a trickle available for small projects. The options for individual famers to raise 3rd party finance for single turbines are almost non-existent unless you are able to secure the support of your bank in the form of a secured loan facility. While there is some banking support for projects under £100k, Loans, Leasing or Hire Purchase facilities are still not available from any UK based institution for wind turbines of this scale. Many farmers are therefore considering self-financing their turbine with a second-hand turbine to keep the cost as low as possible.

Alternative approaches:
1. Some farmers are teaming up with a few neighbours to put together a portfolio of sites that may be of interest to an investment fund.
2. Independent wind development companies are offering attractive lease options to landowners with suitable sites. Landowner investment options are also becoming a feature of this route.

Financing a Wind Turbine Portfolio
There are only a few investment funds currently interested in funding N.I. portfolios of wind turbines. The funding criteria for Project Financing portfolios of wind turbines are stringent and must be considered before settling on a particular brand or development strategy.

Typically this will involve:
1. Planning Approval
2. Reasonable costs for Grid Connection (sub £150k)
3. Sites should have an average wind speed greater than 6m/s, with independent verification from recognised consultants.
4. New Turbines only
5. Turbines must have a track record of performance in the sector and be able to adhere to all planning conditions.
6. Turbines must carry manufacturers warranties for at least five years
7. Turbines must be competitively priced and be supplied via suitable qualified construction contractors.
8. Operation and Maintenance Arrangements must be established with suitably qualified contractors.

I hope this article has given you a useful insight into the current financing options for your AD or Wind Turbine project. An early understanding of the likely financing options is very important to ensure there are few surprises when the bills need to be paid. I’ve no doubt that Northern Ireland landowners are well positioned to benefit from what renewable installations offer both in terms of income and the ability to offset the high cost of farm energy bills.

For further details contact:

Trevor Finlay – Managing Director

Vision Asset Finance

T: 028 2565 6000

E: trevor@visionassetfinance.com

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These include asset finance, practice loans, vehicle finance and acquisition finance. With access to all the financial institutions at our fingertips, we can quickly match your requirements with the right lender.

Our independence and buying power means that we’re ideally placed to negotiate on your behalf – getting you the best terms and rates that we can.

Find out more by contacting Ken Finlay on Mobile: 07748 475552

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Specialising in mid-scale wind turbine development Renewable NI are developing a large portfolio of turbines within Northern Ireland. Renewable NI brings proven wind turbine technology, full project management, local civil engineering, embedded project financing, and preferential power purchase agreement terms.

For further information see RenewableNI.com

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With many local farmers and landowners currently investigating renewable energy as an alternative or supplementary source of income, Vision Asset Finance (VAF) is offering the funding through a Project Finance structure for farm based Anaerobic Digestion (AD) plants.

Trevor Finlay – Managing Director of VAF comments, “With the recent adjustment to the N. Ireland Renewables Obligation (NIRO), there is a real opportunity for farmers to significantly boost their income through investing in an AD plant and selling the power generated. With the expected introduction of a renewable heat incentive in the near future, there are likely to be further income streams possible in due course.”

With immediate access to £30 million of capital for qualifying AD projects, Mr Finlay is confident of VAF’s ability to assist many of the early adopters who have their projects approaching planning approval. He continues, “We are delighted to have secured access to such a significant tranche of funding for the AD sector in N. Ireland. Providing farmers with access to alternative sources of funding is important to ensure the AD opportunity receives adequate financial stimulus at the present time.”

Mr Finlay also suggests that it is important for farmers to consider financing requirements at an early stage. Long-term feedstock supply security is of paramount importance, as is the choice of a suitably qualified supplier of the construction and technology. The AD technology chosen should already have a proven track record and the supplier financially robust.

Vision Asset Finance offers Project Financing in conjunction with ‘Approved’ suppliers of AD technology; and subject to the projects meeting their funding criteria, offer up to 100% funding.

For further information call Trevor Finlay on 028 2565 6000

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Trevor Finlay, Managing Director of Vision Asset Finance comments: “The importance of freeing up frozen capital is becoming increasingly urgent.  Due to the effects of the economic crisis, companies and organisations in the UK are coming under massive pressure to become more efficient.  Leasing and equipment rental are important financing tools which help companies afford the most up to date equipment and technology, as well as rapidly improving operational efficiency.”

Vision Asset Finance helps private and public organisations update their business equipment by offering competitive leasing terms. Facilities are offered throughout the UK and Ireland.

Contact: 028 2565 6000 for more information.

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A combination of financial and marketing expertise from the team at Vision Asset Finance can help vendors to generate new leads and also close sales more effectively through offering their clients leasing options.

Vision Asset Finance offers their Vendor Partner programme to companies across Ireland and the UK. To become an approved vendor simply complete our Application telling us about your company, and the products and services you sell.

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Contract Hire remains the most popular way for organisations and companies to acquire the vehicles they need for their business and personal needs.

Offering non-maintained and fully maintained contracts on all makes and models, Vision Asset Finance can source and fund your next vehicle on highly competitive terms.

Why not request a Quote?

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