Retail Supplier Achieves 50 MW of Solar System Sales, Sees Growth As Tax Credit Extended

Crius Energy announced that Crius' solar energy business has achieved a new milestone, having booked 50 megawatts in solar energy sales over a two-year period.

Crius said that growth in its solar installation sales will be further support by extension of the federal solar Investment Tax Credit (ITC)

"The ITC is one of the most significant public policy mechanisms to support the deployment of solar energy in the United States, providing long-term business certainty to solar energy project developers, investors and the solar industry at large. The ITC provides a dollar-for-dollar reduction in the income taxes that a person or company investing in solar would otherwise pay the U.S. federal government," Crius said

"The ITC extension is expected to have a far-reaching impact in the markets we service," said Michael Fallquist, Chief Executive Officer of Crius.

"The ITC extension promises to accelerate the already rapid growth of the solar industry by enabling solar energy products to be viably offered in more states, thereby expanding Crius' geographic footprint and enabling our solar business to continue its strong growth trajectory," Fallquist said

Crius said that, "In the third quarter of 2015, Crius realized nearly 30% growth in megawatts of generating capacity sold as compared the prior quarter, and more than 90% growth year-over-year, driven primarily by the Viridian Energy network marketing channel."

Crius said that as part of its new alliance with Sungevity (see story here), "Crius has realized improved economics from sales of solar systems, along with long-term 20-year customer relationships with strong cross-selling potential."

"In addition, the Company received an equity warrant position in Sungevity, which recently closed this year's largest private financing deal in the solar energy segment having secured US$650 million," Crius said

"The solar energy market represents a high-margin opportunity for Crius, having contributed 10% to our EBITDA last year," Fallquist said.