Powersecure adds $140 million in new distributed solar generation business. Of this, the majority goes to two large-scale installations, with the remaining amount to turnkey sales for hospitals, data centers, and industrial and retail customers.
Solar is getting to be big business. PowerSecure International, Inc. (NYSE: POWR), a provider of large-scale solar based out of North Carolina, today announced it has been awarded approximately $140 million worth of new distributed solar generation business.
The vast majority of the $140 million, $120 million to be precise, goes to new utility-scale solar projects, including a major award from one of the largest investor-owned utilities in the U.S. to provide two large-scale solar installations.
PowerSecure expects to recognize approximately half of the revenue from the two major solar projects in 2015, and the remainder in 2016. The new solar awards have been contracted with the utility and are subject to regulatory approval by the local public utility commission, as well as approval by the party granting the rights to the respective sites. These items are expected to be completed over the next 120 days.
The remaining $20 million includes new turnkey projects for a variety of hospital, data center, industrial and retail customers, as well as several additional solar projects.
“This significant additional new business highlights PowerSecure’s extensive experience serving customers with outstanding solar projects and other high-quality distributed generation solutions,” said Sidney Hinton, chief executive officer of PowerSecure.
“We are pursuing a rich pipeline of smaller and larger opportunities across our business and we are very excited to have converted two of the very large opportunities we have been developing from our pipeline into our project backlog, and to see continued momentum from hospitals and data centers for our traditional DG systems,” Hinton added.