The Solar Energy Segment Looks Set to Continue its Expansion

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Jun 17, 2021, 09:00 ET

NEW YORK, June 17, 2021 /PRNewswire/ -- Solar energy is expected to play an increasingly important role in the global energy infrastructure. According to a research report by Mordor Intelligence LLP, the global solar energy installed capacity is registered to be 728 GW and is estimated to grow to 1645 gigawatts (GW) in 2026, while growing at a CAGR of 13.78% from 2021 to 2026. The most important factors contributing for growth in the energy segment are declining prices and installation costs for solar PV as well as more favorable government policies. In addition, the solar photovoltaic (PV) segment is expected to account for the largest annual capacity additions for renewables, well above wind and hydro, for the next five years. Solar Integrated Roofing Corp. (OTC: SIRC), SunPower Corp. (NASDAQ: SPWR), Enphase Energy, Inc. (NASDAQ: ENPH), Canadian Solar Inc. (NASDAQ: CSIQ), JinkoSolar Holding Co., Ltd (NYSE: JKS)

So far this year, solar energy has already made impressive strides. Data published by the Solar Energy Industries Association (SEIA), "The U.S. installed 5 gigawatts (GWdc) of solar PV capacity in Q1 2021 to reach 102.8 GWdc of total installed capacity, enough to power 18.6 million American homes. Solar accounted for 58% of all new electricity-generating capacity added in the U.S. in Q1, with wind making up the majority of the remaining capacity. Under a business-as-usual scenario, the U.S. solar industry will install an additional 160 GW of capacity over the next 5 years."

Solar Integrated Roofing Corp. (OTC: SIRC) announced yesterday breaking news regarding its, "financial results for the fourth quarter and fiscal year ended February 28, 2021… 'The start of fiscal 2022 was highly focused on executing upon our significant acquisition pipeline of complementary solar, roofing and battery companies,' said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. 'Our success has transformed our company into a national brand with services now spanning solar, battery backup, EV charging, roofing installation, HVAC work, electrical contracting and back-office technology support.

The acquisitions drove annual revenues to a record $17.1 million and set us on a course to achieve at least $100 million in the twelve months ended May 31, 2022. Our focus on rapidly growing, high margin acquisitions has significantly grown sales, allowed us to now capture the full lifecycle of our customers, and brought new synergies and efficiencies across the SIRC family of companies. Due to this, we expect to reach profitability in FY2022.

'During the quarter we also focused efforts on our audit and transition to a fully reporting company in anticipation of an uplist to the OTCQB Venture Market. We added several highly respected directors to round out our Board and engaged MZ Group, a leading investor relations firm, to lead our communications program. Due to our rapid pace of acquisition, and the need to audit each of the newly acquired entities, we now plan to refile our Form 10 as soon as possible.

'Fiscal 2021 was a record year for Solar Integrated Roofing and we believe we have positioned the Company for an even more exciting fiscal 2022. Over the course of the year our team has worked tirelessly to integrate our acquisitions and continues to seek new opportunities for growth. The solar, roofing and battery market continues to grow, and our brands are capturing additional market share. With our exceptional portfolio of companies and ongoing organic growth, we look forward to sharing our future achievements with our shareholders,' concluded Massey.

Full Year 2021 Financial Results: Revenue for fiscal year 2021 increased 87% to a record $17.1 million, as compared to $9.1 million in fiscal year 2020. Gross profit increased 44% to $3.5 million, or 20% of total revenues, in fiscal year 2021, compared to $2.4 million, or 26% of total revenues, in fiscal year 2020…"

SunPower Corp. (NASDAQ: SPWR) announced on April 21st, new projects with Baltimore County to cover two closed landfills with solar systems. These projects are expected to generate upwards of 30 megawatts (MW) of clean energy, equivalent to the power used by one third of the County's municipal buildings including government facilities. "We're proud to be taking a bold step forward to ensure Baltimore County remains a statewide leader in renewable energy and helps build a greener and cleaner future for our communities," Baltimore County Executive Johnny Olszewski said. "Climate change poses one of the most significant threats to our long-term health and prosperity. That is why we are thankful for this partnership with SunPower to transform these sites into productive alternative energy sources, further reducing Baltimore County's carbon footprint and helping us meet our renewable energy goals."

Enphase Energy, Inc. (NASDAQ: ENPH) announced on April 29th, that Palomar Solar expanded its Enphase Storage business and made valuable contributions to the companies' long-standing collaboration on home energy technology and new-product testing and feedback. "We value the close-knit working relationship with the business and technical teams at Enphase, and I believe they have the best solar technology in the world and continue to work for the benefit of both companies," said Andy Anderson, owner and founder of Palomar Solar and Roofing. "To ensure that we can provide maximum value to our homeowners, we have integrated Enphase Storage with our full suite of customer services. With Enphase Storage, we have experienced a surge in demand from customers."

Canadian Solar Inc. (NASDAQ: CSIQ) announced on April 7th, that it has commenced construction on four solar projects in Japan totaling 143 MWp. This portfolio includes Canadian Solar's flagship mega-project, the 100 MWp Azuma Kofuji project located in the Fukushima Prefecture, and other projects totaling 43 MWp in the Ibaraki and Hiroshima Prefectures. "We are delighted to contribute our part to revitalize the Fukushima Prefecture. Up until recently, the Azuma Kofuji project site was an abandoned, non-productive farmland. Now, we are directly investing and creating local job opportunities during the construction of the project, reinvigorating the local economy in a region devastated by the 2011 Tohoku earthquake. We have worked closely with local communities to ensure that clean, renewable energy from our solar plant creates lasting societal benefits. We are proud to take part in rebuilding economic and energy resilience in the Fukushima hometowns while supporting Japan's 2050 carbon neutrality ambitions," commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

JinkoSolar Holding Co., Ltd (NYSE: JKS) announced on March 29th, that it has launched a new series of ultra-efficient Tiger Pro modules with higher power capacity targeted for distributed generation market. The new module is based on the Tiger Pro 182mm, 54-cell design that delivers a maximum power of 415W and an ultra-high efficiency of 21.3%. Mr. Kangping Chen, Chief Executive Officer of JinkoSolar Co., Ltd., commented, "JinkoSolar has continued to dominate the global industry through its efforts in R&D, iterative innovation, reliable production and quality as well as outstanding customer service. JinkoSolar will continue to maintain its leading position worldwide, strengthen innovation and cooperation with our global partners, as well as promote carbon neutrality through green transformation and renewable energy solutions for our global customers".

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