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Green New Deal Sparks Solar Energy Interest, Companies Exploring Solar Options

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.

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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