Friday, 15 May 2020, 21:31:00
Unlike many of its peers, Sunnova Energy is keeping its 2020 guidance in place. The Houston-based residential solar company expressed a “high level of confidence” that it would meet its goals for the year as it reported earnings for Q1 2020. In the first part of the year, Sunnova added 6,800 customers — compared to 3,276 in Q1 2019 — and increased revenue by $3.1 million, to $29.8 million. Though Sunnova more than doubled its net loss over the same period last year, to $77 million, CEO John Berger doesn’t expect that to hold the company back in 2020. “We’re prepared to weather any storm and we’re prepared to do that for at least the next two years if not beyond,” Berger told Greentech Media. “We’re prepared for the worst and hoping for the best.” Over the year Sunnova expects to add up to 30,000 new customers and end with cash flow between $10 and $20 million. Berger said after the first quarter the company was already close to reaching half of its target revenue and income from system loans for the entire year.
— Green Technology (Feed)
Vivint Solar Reports First Quarter 2020 Results
Thursday, 7 May 2020, 20:05:00
LEHI, Utah, May 7, 2020 /PRNewswire/ — Vivint Solar, Inc. (NYSE: VSLR), today announced financial results for the first quarter ended March 31, 2020. First Quarter 2020 Operating Highlights Key operating and development highlights include: MWs Installed of approximately 56 MWs for the…
— PR Newswire
How Bad Are the Lockdowns for Home Solar Companies? We’ll Soon Find Out
Tuesday, 5 May 2020, 14:02:00
Over the past few weeks the U.S. residential solar industry has seen layoffs, warnings of falling demand and a scramble to shift as much work as possible online. So far, many of the reports of pain have been anecdotal. But soon the industry’s public companies, including Sunnova, Sunrun, SunPower and Vivint Solar, will report their first set of earnings since the wide-ranging impacts of coronavirus landed in the U.S. The results should make clearer just how successful attempts have been to boost sales and keep installations moving, even as most of the country remains in lockdown. The third-ranking solar installer in the U.S., Tesla, has already reported its first-quarter earnings , detailing underwhelming solar installation numbers that undercut two quarters of consecutive gains. Tesla’s solar installations dropped 26 percent from Q1 2019 to Q1 2020 and fell from 54 megawatts in Q4 2019 (usually the largest for solar installers) to 35 megawatts in Q1 2020. Though Q1 overlapped only partially with the COVID-19-related crunch, Tesla’s dismal installation numbers do not bode well for the rest of the industry.
— Green Technology
Friday, 1 May 2020, 20:34:00
Mega-solar projects topping 500 megawatts have cropped up in many regions of the U.S., but land constraints have mostly kept such behemoths out of the Southeast — until now. Two weeks ago sPower secured tax equity financing for a 620-megawatt project it first proposed in 2018. The Utah-based developer says the Spotsylvania Solar Energy Center, which will be built in phases and finished in 2021, will be the largest solar plant east of the Rockies. It’s sPower’s first project in Virginia, but the developer has 1.2 gigwatts planned for the state. The $350 million financing package from Wells Fargo comes just weeks after Virginia Governor Ralph Northam signed legislation requiring the state to reach 100 percent carbon-free electricity by 2045 . The timing of sPower’s announcement comes at a difficult time for the U.S. renewables industry, as developers race to beat subsidy deadlines amid a devastating pandemic. The financing is a testament to the ongoing availability of tax equity for solar and wind projects in spite of the tumult in global finance and energy markets, at least for the right kind of developers.
— Green Technology
Vivint Solar Adds $50M Capacity To Tax Equity Commitments
Thursday, 30 April 2020, 20:15:00
LEHI, Utah, April 30, 2020 /PRNewswire/ — Vivint Solar (NYSE: VSLR), a leading full-service residential solar provider in the United States, today announced it has secured additional tax equity commitments of $50 million from a repeat tax equity investor. This commitment will support…
— PR Newswire