California-based Elite Solar has reported more than $7 million in projects that have recently begun and a backlog of contracted projects of more than $5.5 million set begin shortly.
The company, which is set to become a subsidiary of Solar3D when its acquisition is finalized in December, designs and installs PV systems for residential, commercial, agricultural and municipal customers.
Its backlogged projects for sizeable commercial and agricultural businesses range in size from 100 kW to more than 1 MW. The latter represents an installation that will save a farm millions in energy cost savings while driving significant revenue for the company, Elite Solar said.
The company is also expecting a number of new deals within the next two weeks, including sizeable contracts with large agricultural and commercial organizations in California.
"We are thrilled that Elite Solar business has flourished late into the year as we continue to establish 2015 as the most lucrative year in company history," said Elite Solar CEO Kirk Short. "With over a dozen projects currently under development and several more about to begin, we anticipate finishing the year on a very strong note.
Elite Solar is expecting revenues this year to soar 140%.
Jim Nelson, CEO of Solar3D, Elite Solars soon-to-be parent company, described the company as a natural fit for Solar3D. We expect Solar3D and its subsidiaries as a whole to be strengthened through this process, resulting in a company with a dominant presence within the high-growth solar regions that we serve.
Solar3Ds takeover of Elite Solar marks its third acquisition in two years.
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.