Saturday, February 27, 2021

3 Solar Stocks To Consider This Month: Canadian Solar (CSIQ), Solar Integrated Roofing Corporation (SIRC), Sunrun (RUN)

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Solar Integrated Roofing Corp. (OTC:SIRC), an integrated, single-source solar power, HVAC and roofing systems installation company, today announced the launch of a dedicated electric vehicle (EV) charging solutions division to address emerging opportunities in the rapidly growing EV charging space.

The Company will focus on the sales, marketing, installation, and service of personal EV chargers at residential properties, as well as on public EV charging infrastructure for network operators. Sales efforts will be driven through cross-selling existing customers as well as through the potential acquisition of existing EV charging solutions providers, addressing California’s growing EV market, which composed 7.84% of new car sales in 2018 with a regulatory target of all new vehicle sales to be zero emissions by 2035.

“I am pleased to announce the launch of our newest initiative to aggressively enter into the EV charging space, addressing a large, rapidly growing market with significant regulatory tailwinds,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. “We intend to leverage our existing customer base for improved cross-selling opportunities and to explore acquisitions of existing EV charging solutions providers to position us to grow market share over the long-term. I look forward to continued execution into 2021 as we work to create sustainable value for our shareholders.”

About Solar Integrated Roofing Corp.

Solar Integrated Roofing Corporation (OTCPINK:SIRC) is an integrated, single-source solar power and roofing systems installation company specializing in commercial and residential properties in the Southern California market. For more information, please visit the Company’s website at www.solarintegratedroofingcorp.com.

Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced that it recently signed a power purchase agreement (“PPA”) with BTG Pactual (“BTG”, B3: BPAC11) and that it was awarded with two projects in a private auction by Furnas Centrais Elétricas (“Furnas”) for a total of 862 MWp in solar power projects in Brazil.

For the 12-year PPA with BTG, Canadian Solar will supply solar energy from a 170 MWp cluster of projects located in the State of Minas Gerais. The projects will start construction in 2021 and are expected to achieve commercial operation by the end of 2022. BTG is one of the main investment banks in Latin America and runs one of the largest energy trading businesses in Brazil.

Furnas will purchase solar energy from two Canadian Solar projects through a 15-year PPA. Canadian Solar will develop and build both Furnas projects totalling 692 MWp. One of them, will be located in the State of Ceará and will have a capacity of 260 MWp. The second project is located in the State of Piuaí and will have a capacity of 432 MWp. Both projects will start construction in 2022 and are expected to reach commercial operation by the end of 2023.

Furnas is a majority-controlled subsidiary of Centrais Elétricas Brasileiras S.A. – Eletrobras (“Eletrobras”,NYSE: EBR). Furnas’ business is mainly in energy generation, transmission and sales. It operates in 16 Brazilian states and is the owner of 21 hydro plants, 2 thermal plants, 1 wind farm and 30,000 kilometers of transmission lines.

Sunrun (NASDAQ: RUN), the leading provider of residential solar, battery storage and energy services, recently announced that it has contracted with one of the largest electric utilities in the United States, Southern California Edison (SCE), to increase grid resilience and lower power costs. SCE will send signals to Sunrun during high-demand events such as extreme heat waves when the energy grid is strained. In response, Sunrun will dispatch energy from thousands of its Brightbox solar-powered battery systems installed in the SCE territory, providing five megawatts (MW) of energy capacity to help support the overall energy system. The same solar-powered home batteries will also provide reliable backup power to these households if the power goes out.

“The need for a more resilient grid and backup power could not be more apparent in California at this moment in history,” said Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder. “Sunrun’s contract with SCE will provide affordable, clean, reliable energy solutions for California’s grid, as well as help individuals take control of their energy future.”

The Sunrun-SCE contract will participate in California Independent System Operator’s (CAISO) Resource Adequacy (RA) program, which ensures efficient and reliable operation of California’s grid. By bundling the power from these batteries together to create a “virtual power plant”, Sunrun will release stored solar energy to the grid when it’s needed most, lowering the overall cost of power and reducing critical strain on the energy system. At least 10% of the RA capacity will be provided from Brightbox systems installed on low-to-moderate income households, helping ensure everyone can benefit from clean, affordable, and reliable home energy.

Sunrun will soon begin reaching out to customers to participate in this program and will start installations at the end of 2020, with plans for all installations to be completed by August 2023. This new contract with SCE extends a decade with fixed pricing and provides Sunrun incremental recurring revenue from providing virtual power plant services to the grid. SCE customers interested in participating in the program can purchase or lease a Sunrun Brightbox home solar-powered battery system for no up-front cost and low monthly payments. Homeowners can learn more at www.sunrun.com.

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