Total today confirmed its dedicated venture capital arm (TEV) had acquired a stake in United Wind.
The New York-based firm leases wind turbines (10 to 100 kW) to rural businesses and homes in the United States.
“This latest investment strengthens TEV’s participation in the distribution of renewable energy. It allows us to explore the interest in small-scale renewable energy solutions which can be connected to the grid and how these can be financed,” said Jérôme Schmitt, executive vice president of Sustainable Development & Environment at Total.
“United Wind makes wind power accessible to customers and small businesses who become energy producers and consumers at the same time.”
Total’s cash will fund the firm’s expansion into the Midwest, including Colorado, Kansas and Minnesota.
United Wind, which was founded in 2013,o perates and maintains wind turbines under a leasing scheme involving no upfront cost.
“The power generated by the turbines is either used by the customers themselves or sold to the grid. Customers therefore pay less for use of renewable energy than electricity provided by utility companies,” a company statement read.
TEV will sit on United Wind’s board of directors as an observer.
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