In order to help jump-start project that are tied to the economic stimulus package from the US government that relates to information technology, which include clean technologies like smart-grid, $2 billion has been made available by IBM Global Financing, the lending and leasing arm of International Business Machines Corp.’s (IBM).
The use of a variety of advanced technologies to digitally upgrade the power grid is generally referred to as Smart-grid. The smart-grid is a $13 billion worldwide industry and is becoming a business opportunity of great importance to the company, according to estimates from Armonk, N.Y.-based IBM.
This financing from IBM would help to speed up some of these smart-grid projects if combined with the $4.5 billion set aside by the stimulus legislation.
In an email to Clean Technology Insight the general manager of IBM Global Financing in North America, Richard Dicks said “Imagine a rural utility company that wants to upgrade its infrastructure and offer broadband service over power lines. Or a hospital network that wants to convert to electronic medical records. There are hundreds of examples like this that are part of the president’s economic stimulus program and that have an IT or services component where IBM is uniquely positioned to help.”
Deferred payment plans, specialized project financing packages, financing facilities that give structured lines of credit and flexible payment options and enhanced low rates would come from the majority of the $2 billion said IBM.
More than $36 billion is the current asset base for IBM Global Financial. Until these kinds of projects can get hold of the stimulus money, of which the smart-grid is a major component, IBM has already begun working with these companies said Dicks.
He said “In one example, we are talking to a number of potential clients right now that are eager to implement a smart meter system and are looking for financing to begin realizing the benefits as soon as possible.”