Elite Solar: More than US$7 million in new solar contracts

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 Solar’s 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.”

Solar3D’s takeover of Elite Solar marks its third acquisition in two years.