By WAKE FOREST, N.C. | POWER SECURE —
PowerSecure International, Inc. (NYSE: POWR) today announced it has been awarded $100 million in new solar projects, including a ground-mount system for one of the largest investor owned utilities (IOUs) in the United States.
The company currently expects to recognize approximately $15 million in revenue from these new projects in the fourth quarter of 2015 and $85 million throughout 2016.
These awards follow $120 million in utility grade solar projects announced in mid-2014 for a large IOU customer, and the recent announcement of nearly $30 million of microgrid and energy storage projects, which integrate significant solar energy resources.
“The solar marketplace remains very active and we are excited to add these new large awards to our growing backlog of utility-scale solar projects and complex microgrid solutions which integrate solar energy,” said Sidney Hinton, chief executive officer of PowerSecure.
“Projects like these new solar awards build on our strong start to 2015 and add to the backlog that is already building for 2016,” Hinton added.
The new IOU solar award has been contracted with the utility and is subject to regulatory approval by the state public utility commission and a subsequent notice to proceed from the utility customer, both of which are expected in the third quarter of 2015. If PowerSecure has not received the notice to proceed within 120 days, the contract is subject to termination.
About PowerSecure
PowerSecure International, Inc. is a leading provider of utility and energy technologies to electric utilities, and their industrial, institutional and commercial customers. PowerSecure provides products and services in the areas of Interactive Distributed Generation® (IDG®), energy efficiency, utility infrastructure and solar energy.
The company is a pioneer in developing IDG® power systems with sophisticated smart grid capabilities, including the ability to 1) forecast electricity demand and electronically deploy the systems to deliver more efficient, and environmentally friendly, power at peak power times, 2) provide utilities with dedicated electric power generation capacity to utilize for demand response purposes and 3) provide customers with the most dependable standby power in the industry. Its proprietary distributed generation system designs utilize a range of technologies to deliver power, including renewables.
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