The Peck Company announced an initial agreement to construct a portfolio of solar PV arrays generating 7 MW for one of its customers. This customer currently owns several hundred million dollars in solar assets and also has a backlog of several hundred million dollars in new projects where they need partners for EPC development.
The projected revenue from the portfolio of projects is approximately $17 million, and each project is subject to a customary EPC contract. The Peck Company will provide further updates on each specific contract.
Peck will begin constructing each commercial-scale project in the portfolio after development has been completed and the project has received a notice to proceed. The projects are all located in the Northeast and have municipal off-takers with low-risk, long-term power purchase agreements. Peck expects to break ground on the projects in July 2019, with a target completion date for this first project portfolio in the first quarter of 2020.
The Peck Company’s CEO Jeffrey Peck said, “We are pleased to be executing our growth strategy by serving existing and new customers across the Northeast in this new market segment. As a solar EPC with extensive electrical and construction experience over the past 47 years, Peck offers a unique perspective that helps our customers analyze and mitigate risk throughout the project life cycle. Our collaborative approach builds lasting relationships, providing the basis for both repeat business and new opportunities. The stability offered by our recent merger culminating in a public listing for Peck has already yielded discussions with larger customers, as well as inquiries from other new ones, regarding how we can partner with them in the greater Northeast region, and including meeting our goal to now diversify from our Vermont-centric base.
“Looking ahead, our team remains laser-focused on identifying additional growth opportunities in the small-commercial to small-utility scale (100 kW to 10 MW), which we believe is the ideal size range for Peck to optimize resources and profitability. We will continue aligning ourselves with solar array developers and owners in order to provide value and drive growth across the solar development chain. Announcing this first milestone agreement underscores our dedication to shareholder value and our commitment to being good stewards of the capital entrusted to us.”
News item from The Peck Company