GE Current has announced a partnership with Aquila Capital to provide funding solutions for growers looking to install low-energy LED lighting. The partnership will allow growers across Europe who are designing new indoor farming facilities — or upgrading existing installations to the latest lighting technology — to deploy Current’s range of Arize horticultural LED solutions, faster and with the aim of no up-front capital expenditure.
Projects financed through the new partnership have the potential to achieve CO2 savings of 30-40% vs existing installations, with repayment calculations based on a proportion of the future energy costs. By removing the financial barriers to this type of horticultural lighting and by supporting growers transitioning to LED, Current aims to help optimize the quality and volume of yields, while significantly reducing the environmental impact of indoor farming.
LED lighting has become an increasingly popular way for businesses and municipalities to save money and help reduce energy consumption. Last year, the City of Medford, Oregon announced that the it entered into a $4 million contract with Ameresco to convert more than 7,000 street lights and park lighting to LED technology. The improvements are being financed by a low-interest loan. Medford’s Transportation Manager, Karl MacNair, said completing this upgrade through an Energy Savings Performance Contract (ESPC) allows the City to fund the project with energy savings over the term of the contract.
And in March of last year, it was announced that LED lighting tube and fixture products will be installed in four new navy ships through the Foreign Military Sales (FMS) program that allows US allied countries to purchase defense articles and services. Energy Focus was awarded the contract and expects to deliver on the it beginning in the second quarter of 2020 with completion expected by the end of 2021. The contract is valued at approximately $1.7 million. The products are all US Navy-approved. This news follows the company’s recent $3.4 million order to provide LED lighting products for existing US Navy ships.