Multi-asset private investment firm The Phoenix Fund (TPF) has invested an undisclosed amount in US-based United Wind Inc, a developer of small-scale wind energy systems for homes and businesses, it said on Wednesday.
It has invested through convertible notes.
“The unique proposition to the customer of leasing a wind turbine with zero down payment and repayment through lease payments lower than their energy bills is unique and value accretive for all stakeholders,” Amit Khanna, chief investment officer of TPF, said in the statement.
This would be the first investment by TPF in the clean energy sector and its first in the US.
TPF invests across asset classes and in the early-stage segment, it has backed ventures like Overcart (in 2014) Hopscotch (in 2012) and Net2travel (which was later acquired by Indya.com, which in turn was snapped by Star TV). It also has investments in PE, real estate and art as asset classes.
TPF had recently invested an undisclosed amount in Gurgaon-headquartered FindYahan India Pvt Ltd, which runs a location-based lifestyle services marketplace FindYahan.
Brooklyn-headquartered United Wind is managed by CEO Russel Tencer and finances and develops distributed-wind energy systems. It earns revenue by leasing installed turbines to residential and commercial customers via 20-year leases.
The company has so far completed 27 installations, closed 138 sales for its systems and generated 438 leads since October 2013.
“United Wind is thrilled to welcome The Phoenix Fund to its team of investors and advisors, the company looks forward to working with TPF to explore emerging market opportunities as United Wind seeks to expand its footprint over the coming months and years,” said Tencer.
He did not elaborate if the expansion plans include India as a geography.
United Wind had previously raised funding from several renewable energy industry veterans and funds including Counter Point Ventures, the statement said.