IBM to lend $2 billion for smart grid projects - 15 May 2009

IBM has enlisted its financing arm to start lending money for smart grid projects to the tune of US$2 billion. IBM Global Financing, a lending/leasing segment of the Armonk, NY-based technology and consulting firm, plans to make up to $2 billion in financing cash available for IT initiatives for infrastructures to support key stimulus areas of the stimulus legislation.

IBM finalised an Australian smart grid project deal worth US$3.2 million to provide 12,000 sensors to automate the process of exchanging information between a utility, its customers' smart meters and other intelligent devices.

Most of IBM's $2 billion financing pool would be dedicated through enhanced low rates and flexible payment options; deferred payment plans; financing facilities to offer structured lines of credit, and specialized project-financing packages that let clients align their payment streams to expected benefits throughout the course of the project.

Such financing would primarily target enterprises and municipalities looking to implement technology projects featuring mainly IBM hardware, software and technology services.

Likewise, IBM would supply financing for non-IBM technology that was part of a larger IBM solution.

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