Developments in the Renewable Energy Sector

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Jan 10, 2017, 09:00 ET

NEW YORK, January 10, 2017 /PRNewswire/ --

www.Financialbuzz.com – The renewable energy sector is getting stronger, and becoming a prominent component of our energy infrastructure. One reason for the increasing popularity of green energy is that is becoming cheaper to produce. Michael Liebreich, chairman of the advisory board for Bloomberg New Energy Finance (BNEF) said that recent solar and wind auctions in Mexico and Morocco ended with winning bids from companies that promised to produce electricity at the cheapest rate, from any source, anywhere in the world. As a result, the renewable energy sector now seeing twice as much global funding as fossil fuels, Bloomberg reported earlier this summer. Solar Integrated Roofing Corporation (OTC: SIRC), Canadian Solar Inc. (NASDAQ: CSIQ), Enphase Energy Inc. (NASDAQ: ENPH), Brookfield Renewable Partners LP (NYSE: BEP), ReneSola Ltd. (NYSE: SOL)

2016 has been a year of many milestones for renewable energy. In the United States for example, during the third quarter of 2016, 4,143 megawatts (MW) of solar PVs were installed, reaching 35.8 gigawatts (GW) of total installed capacity, enough to power 6.5 million American homes, according to The Solar Energy Industries Association. With more than 1 million residential solar installations nationwide and record-breaking growth in the utility-scale sector, the industry is poised to nearly double year-over-year.

Solar Integrated Roofing Corporation (OTC: SIRC) is an integrated solar and roofing installation company specializing in commercial and residential properties with a focus on acquisitions of like companies to build a footprint nationally. The company has recently announced that it has become an authorized Penntek dealer, adding Penntek's state-of-the-art industrial coatings to the product line SIRC can offer customers.

David Massey, CEO of Solar Integrated Roofing Corp., stated, "We are very happy to have this relationship with Penntek. We take the word 'Integrated' in our name seriously, and integrating Penntek's concrete coatings with our roofing systems will help ensure that our customers get the best possible solution to their roofing problems… Concrete is an amazing substance that the human race has used since Roman times to build with, but its versatility comes at a price. Concrete is porous, and it needs to be sealed properly to prevent it from absorbing water, leaking and cracking. The better seal on the concrete, the better the roof. And with Penntek, the seal is as good as it gets."

Penntek has a diverse product line that includes epoxies, urethanes, polyureas, polyaspartics and specialty systems along with a variety of additives and broadcast media. Scott Weyer, National Sales Manager of Penntek, said, "We are very excited to have Solar Integrated Roofing Corp. as a new distributor of Penntek products. Their rising revenues and expanding footprint marks it as a growing company whose business growth will help bring the Penntek name to more and more customers. It's a win-win-win situation for SIRC, Penntek and the building owners of the San Diego area."

Manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar Inc. (NASDAQ: CSIQ), announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC BeamLight LP and its 10 MW AC Alfred solar power plants to 9285806 Canada Inc. and Concord BeamLight GP2 Ltd., affiliates of Concord Green Energy Inc. for over $115 Million. "Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "We are very pleased to announce the successful sale of two operating solar power plants in Canada. This deal demonstrates that we are well on track to monetize our quality solar power plant assets to recycle our capital and strengthen our balance sheet. This is another successful cooperation between Canadian Solar and Concord Green Energy after a previous transaction of 5 solar power plants in Canada. We value our strategic partnership with Concord Green Energy and look forward to continuing our successful cooperation."

Provider of energy management solutions, Enphase Energy Inc. (NASDAQ: ENPH) combines solar, storage, and software that tracks production and consumption making it an all-in-one solar energy system that maximizes savings for its users. The company's semiconductor-based microinverter system converts direct current electricity to alternating current electricity. Its microinverter system consists of three components: Enphase microinverters, an Envoy gateway and Enlighten cloud-based software. Its Enphase microinverters provide power conversion at the individual solar module level by a digital architecture that incorporates custom application specific integrated circuits, specialized power electronics devices, and an embedded software subsystem. Envoy bi-directional communications gateway provides collecting and sending data to Enlighten software.

Brookfield Renewable Partners LP (NYSE: BEP) owns a portfolio of renewable power generating facilities of 207 hydroelectric generating stations, 37 wind facilities, 3 biomass facilities, and 2 natural gas-fired plants with 7,284 megawatts of generating capacity in the US, Canada, Brazil, and Europe. The Company operates over three biomass facilities and Co-generation facilities. The Company operates through three segments: Hydroelectric, Wind and Other, which includes Co-gen and Biomass. The Hydroelectric and Wind segments are segmented by geography, such as North America, which comprises the US and Canada segments, Brazil, Colombia, and Europe. The hydroelectric portfolio generates roughly 6,530 GWh and the wind portfolio produces approximately 1,100 GWh. Its projects include Upper Dam Construction, Coldwell Wind Energy Project and Victor Wind Project.

International manufacturer and supplier of green energy products, ReneSola Ltd. (NYSE: SOL) has recently contracted a framework agreement with an affiliate of Beijing Enterprises Clean Energy Group Limited for developing rooftop solar projects of 335 megawatts in Mainland China. This agreement is in line with ReneSola's positive outlook for rooftop solar distributed generation projects in China. Furthermore, it is a strategic fit for ReneSola's future strategy of moving business to project development and Light-Emitting Diode (LED) distribution.

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