RSF Makes a New Loan to Frontier Pro Services
New RSF loan to leader in the wind energy industry
SAN FRANCISCO, March 26, 2013 /3BL Media/ - RSF Social Finance (RSF) is pleased to announce a new loan to Frontier Pro Services, LLC. Frontier Pro provides innovative operations, maintenance, and condition assessment solutions to utility-scale wind farm owners and operators throughout North America. RSF’s financing will help Frontier Pro expand their proprietary wind turbine condition monitoring and inspection businesses.
Wind power has represented over 35% of all new U.S. energy generating capacity over the past five years and was the largest source of new U.S. energy capacity in 2012. While wind power has enjoyed double digit annual growth during this period, it represents less than 4% of all U.S. power generation.
Wind turbines are maintenance intensive. Proactive maintenance and monitoring of turbine assets contributes to uptime and operating efficiencies, allowing wind farm operators’ to compete with traditional energy sources such as coal and natural gas. Utilizing advanced predictive maintenance solutions, Frontier Pro is dedicated to reducing the cost of wind power production in order to make it a more economically competitive, broadly deployed renewable energy source.
“In order for wind to become a mainstream source of clean, renewable energy, the costs associated with producing it must continue to decline,” says Mike Gabriel, RSF Lending Manager. “Advanced maintenance services and technologies, such as those offered by Frontier Pro will have significant impact on wind’s ability to compete as a mainstream energy source and enable the U.S. market to transition away from coal and other carbon based energy sources.”
Supported by RSF’s financing, Frontier Pro expects to create 100+ new green jobs over the next several years.
”We are delighted to partner with RSF in this growth financing,” says Rob Giebel, CEO of Frontier Pro. “RSF’s flexible capital and passion to support our mission made a strong impression on us, and we look forward to a long and productive partnership.”
About RSF Social Finance
Located in San Francisco, CA, RSF Social Finance (RSF) is a non-profit financial services organization dedicated to transforming the way the world works with money. Since 1984, the organization has made over $275 million in loans and $100 million in grants to non-profit and for-profit social enterprises working in the areas of Food & Agriculture, Education & the Arts, and Ecological Stewardship.
RSF's lending capital comes primarily from 1,300 individuals who have invested $1,000 or more in the organization's Social Investment Fund. Investors earn a competitive return on their money comparable to a certificate of deposit while their funds are deployed to leading social enterprises. To learn more, visit www.rsfsocialfinance.org.
About Frontier Pro
Frontier Pro delivers high quality, technology-based operations, maintenance and repair solutions to owners and operators of utility-scale wind turbines. Services include drivetrain and whole turbine inspections, condition monitoring equipment and services, blade inspection and repair, and commissioning and other field services. Frontier Pro was founded in 2008 by an experienced group of wind turbine technical specialists with a 20+ year record servicing wind turbines. Frontier Pro employs 50 people and is headquartered in southern California with additional operations in Washington, New Mexico, and Wyoming. Frontier Pro is owned by ARB, a private investment company that makes majority and minority private equity investments in companies, project equity, and private equity and venture funds in the renewable energy and clean technology sectors. For more information, visit www.frontierpro.com.
