NetworkNewsWire
Editorial Coverage: Amid talk of global warming and the Green
New Deal, solar energy may be a more viable — and profitable —
investment than ever before.
- Plenty of resources and significant growth could mean bright
future for solar
- SinglePoint acquisition called “phenomenal opportunity” for
company to establish industry foothold
- Solar could be main power source of choice in the future, says
industry leader
Recognizing a building interest in and support of renewable
energy sources such as solar energy, savvy companies are
identifying ways to establish a firm foothold in the sector.
SinglePoint Inc. (OTCQB: SING) (SING
Profile) just signed an asset purchase agreement with
Direct Solar and AI Live Transfers, providing what has been
described as the Lending Tree model for solar business. Last month,
the AES Corporation (NYSE: AES) joined with Kaua’i
Island Utility Cooperative (KIUC) to inaugurate the Lāwa’i Solar
and Energy Storage Project, the largest operational solar and
storage system in the world. Southern Company’s (NYSE:
SO) subsidiary Gulf Power has been testing its SHINES
project, which installs batteries on the utility’s side of homes to
control when and how much solar is sent to the grid, saving
customers from having to invest in and install their own systems.
After acquiring the SolarWorld Americas facility, SunPower
(NASDAQ: SPWR) is assembling its high-quality 19-percent
efficient solar panels for commercial customers, leveraging
U.S.-made automated stringing equipment and a local workforce of
about 200. Another acquisition, the $1.6 billion purchase of Sempra
Energy, has made Consolidated Edison Inc.
(NYSE: ED) the second largest solar energy producer in
North America.
To view an infographic of this editorial, click here.
Industry Growth, Public Sentiment Supports
Movement
Now seems to be the time for solar energy. According to a report
from the Solar Energy Industries Association, the country’s solar
market capacity increased 13 percent year-on-year in Q1, accounting
for 55 percent of all U.S. electricity added during the period —
that includes fossil fuels and other forms of renewable energy. The
Solar Energy Industries Association reported that, in 2018,
a new solar energy project launched every 100
seconds.
In addition, Advanced Energy Now
projects that the solar rooftop market will reach $4.14 billion
by 2022, growing at a compound annual growth rate of 9.7 percent
until then. The public appears to be behind that growth, with more
than three-quarters of Americans feeling that their utility
provider should invest more heavily
in solar energy.
The resources are certainly available. According to the Office
of Energy Efficiency and Renewable Energy, the amount of sunlight
hitting the Earth every couple of hours could provide the world's energy needs for an entire year. And with the
increased focus created by the New Green Deal and other
environmentally friendly movements, this could be the year for the
sun to shine on solar energy.
New Acquisition Changes Company Future
Recognizing the potential for tremendous development in the
solar sector, savvy companies both in and out of the energy space
are exploring ways to get involved. SinglePoint Inc.
(OTCQB: SING) has seized the day and, with its announced Asset Purchase Agreement with Direct Solar
and AI Live Transfers, appears to be making a strong move in the
industry.
“This is a phenomenal opportunity for SinglePoint,” said
SinglePoint president Wil Ralston. “This changes the entire
financial fundamentals for the company and enables us to continue
to push forward with opportunities to continue increasing
shareholder value and the overall value of SinglePoint.”
Direct Solar has seen exponential growth recently. In the past
year, the company has surpassed $1,500,000 in revenue and has
posted approximately 60 percent gross margins. This month alone
Direct Solar generated approximately $321,230. Company officials
project record revenues for the company throughout the year after
the acquisition is finalized.
Escalating Growth Means Huge Potential
At the United States Energy Association’s annual State of the
Energy Industry forum, SEIA president and CEO Abby Hopper declared the 2020s as “the solar energy decade,”
stating that solar would be the main power source of choice in the
coming years.
Although the comment may sound bold, it may not be far from the
truth. Total installed U.S. PV capacity is expected to more than
double over the next five years, and by 2023, more than 14 GW of PV
capacity will be installed annually. The U.S. Energy Information
Administration projects that utility-scale solar’s share of total generation in the United States will
grow by 10 percent this year alone, and by 17 percent in 2020,
joining wind as the fastest-growing sources of electricity over
that time period. And some experts say those numbers aren’t
aggressive enough.
This escalating solar growth presents a major opportunity for
SinglePoint and Direct Solar to establish a leadership role within
a promising industry. SinglePoint appears particularly well suited
to make this move.
Initially a full-service mobile technology provider, the company
has grown through diversification into the horizontal market and
has created an impressive portfolio by acquiring an interest in
undervalued subsidiaries. Throughout this process, SinglePoint has
built a reputation for researching opportunities where it can be
active within a company and influence strategy and direction.
Target companies are typically undervalued and cash-flow positive
with high potential and verified assets.
Other Companies Seeking Solar Options
With Solar power generation emerging as one of the most rapidly
growing renewable sources of electricity, SinglePoint isn’t the
only company exploring solar energy options.
The launch of the Lāwa’i Solar and Energy Storage Project is
only the most recent of AES Corporation’s (NYSE:
AES) long list of successful solar projects. The project
consists of a 28 MW solar photovoltaic (PV) and a 100 MWh five-hour
duration energy storage system, and will help Hawaii meet its goal
of reaching 100 percent renewable energy by 2045. The new PV peaker
will deliver roughly 11 percent of Kaua’i’s power, making the
island more than 50 percent powered by renewables. Declining costs
of solar, and use cases such as this project, will make similar
systems the smartest choice to leverage abundant energy from
renewables in many other parts of the world. AES, a Fortune 500
global power company, provides affordable, sustainable energy to 15
countries through its diverse portfolio and appears to be firmly
established as an early market leader in the field.
In addition to its Gulf Power project, Southern Company
(NYSE: SO) and its subsidiaries, including Southern Power,
own more than 1,230 megawatts of solar-generating capacity at 28
facilities operating in California, Georgia, Nevada, New Mexico,
North Carolina and Texas. Twenty-six of these facilities are
co-owned by third parties, with Southern Power having the majority
ownership. Southern Power works to build the future of energy by
investing in clean energy solutions for its customers. Southern
Power is a leading U.S. wholesale energy provider meeting the
electricity needs of municipalities, electric cooperatives,
investor-owned utilities and other energy customers.
Headquartered in Silicon Valley, California, SunPower
(NASDAQ: SPWR) has been a leading global solar innovator
since 1985. With more than 750 patents for solar technology and
total solar energy generated reaching more than 18 million MWh,
SunPower offers a diversified global portfolio in residential,
commercial and utility solar energy markets. The company
manufactures the world's highest efficiency solar panels, which
feature SunPower® Maxeon® cell technology. Its fully-integrated
design approach to solar systems, battery storage and energy
monitoring software has created unique solar solutions.
With the Sempra Energy acquisition, Consolidated Edison
Inc. (NYSE: ED) made a strong statement about its interest
in solar energy. The acquisition provided Con Edison
with 980 megawatts additional MW AC of operating renewable
electric production projects and certain development rights for
additional solar electric production and energy storage projects.
The $1.6 billion acquisition brings the Con Edison Clean Energy
Businesses portfolio of renewable assets to 2,600 MW AC in 17
states. “Renewable energy is the fastest growing source of the
country’s supply of electricity, and the acquisition will
accelerate our position as a market leader,” said Con Edison
chairman and CEO John McAvoy. “We have grown a meaningful
large-scale solar business and will add value to new capital
opportunities as they arise.”
While the Green New Deal may be rooted in political positioning,
the core idea of focusing on and investing in renewable energy
sources — specifically solar energy — has never looked more
promising. Companies such as SinglePoint that are eyeing solar
energy options appear to be poised to make the most of a bright
future.
For more information on SinglePoint, Inc., visit SinglePoint,
Inc. (OTCQB: SING)
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