The Peck Company Announces a $17M Agreement to Construct a Portfolio of Solar Arrays Generating 7 Megawatts
27 June 2019 - 6:05AM
Business Wire
Executing the Company’s Planned Growth Strategy
with Customers Across the Northeast
The Peck Company (NASDAQ:PECK), a leading commercial solar
engineering, procurement and construction (EPC) company, today
announced an initial agreement to construct a portfolio of solar PV
arrays generating 7 megawatts 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, a core
competency of The Peck Company.
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 Chief Executive Officer, Jeffrey Peck
commented, “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.”
Mr. Peck continued, “Looking ahead, our team remains laser
focused on identifying additional growth opportunities in the
small-commercial to small-utility scale (100kW to 10MW), 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.”
About The Peck Company
Headquartered in South Burlington, VT, The Peck Company, is a
2nd-generation family business founded in 1972 and rooted in values
that align people, purpose, and profitability. Ranked by Solar
Power World as the largest commercial solar contractor in the
Northeast and one of the largest in U.S., The Peck Company provides
engineering, procurement and construction (EPC) services to solar
energy customers for projects ranging in size from several
kilowatts for residential loads to multi-megawatt systems for large
commercial and public works projects. The Peck Company has
installed over 100MW of solar systems since inception and is
focused on profitable growth opportunities. Please visit
www.peckcompany.com for additional
information.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Words or phrases such as
"may," "should," "expects," "could," "intends," "plans,"
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effective tax rate, statements relating to our business strategy
and statements of expectations, beliefs, future plans and
strategies and anticipated developments concerning our industry,
business, operations and financial performance and condition.
The forward-looking statements included in this press release
are based on our current expectations, projections, estimates and
assumptions. These statements are only predictions, not guarantees.
Such forward-looking statements are subject to numerous risks and
uncertainties that are difficult to predict. These risks and
uncertainties may cause actual results to differ materially from
what is forecast in such forward-looking statements, and include,
without limitation, the risk factors described from time to time in
our filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K.
All forward-looking statements included in this press release
are based on information currently available to us, and we assume
no obligation to update any forward-looking statement except as may
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version on businesswire.com: https://www.businesswire.com/news/home/20190626005761/en/
Media: Cory Ziskind ICR cory.ziskind@icrinc.com
646-277-1232 Investors: Michael Callahan ICR
michael.callahan@icrinc.com 203-682-8311
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