BURLINGTON, Vt.--(BUSINESS WIRE)--The Peck Company Holdings, Inc. (NASDAQ:PECK), a leading commercial solar engineering, procurement and construction (EPC) company, today provided an update to investors on the Company’s 4th quarter project status.
Peck announces completion of 1.7 megawatts over seven projects in the fourth quarter of 2019 including:
220.03-kW DC ground mounted solar array in Lamoille County
54.02-kW DC roof mounted solar array in Washington County
222-kw DC ground mounted solar array Lamoille County
232.87-kW DC roof mounted solar array in Orange County
745.2-kW DC ground mounted solar array in Rutland County
44.4-kW DC roof mounted solar array in Chittenden County
205.2-kW DC roof mounted solar array in Bennington County
Peck is currently in construction on three new solar sites with a combined 2.1 megawatts and two additional ground mounted solar array sites of 724.2 kW DC and 745.2kW DC. The Company expects to complete construction on all these projects within the first quarter of 2020.
Jeffrey Peck, CEO, commented, “We are pleased with our team’s consistent progress and dedication to delivering results on time and on budget. We increased our business development activity since our merger in June 2019, and we continue to source new project opportunities from our existing and new relationships. As a result, our current project pipeline for 2020 is over $50 million. We closed the year in an excellent position to capitalize on the growing number opportunities we see in front of us and will continue to deliver profitable results.”
The Peck Company is deploying a multi-pronged growth strategy with the following core pillars:
- Organic growth by leveraging existing relationships to expand across the Northeast;
- Accretive M&A of other profitable businesses to expand geographic footprint, capabilities, and cash flow; and
- Investment into solar arrays to construct and resell at a profit or to hold for recurring revenue.
Organic growth is from Peck’s new and existing customers that are national developers requesting EPC services for project sizes ranging from residential to the utility scale across the region. The ideal project size range for Peck is from 100kW to 10MW, which is considered commercial to small utility and is where the Company believes the scale, margin, and risk are optimized. In addition, Peck remains opportunistic for smaller residential projects when marketing costs are minimized or for larger utility projects when margins can be preserved.
Additionally, accretive M&A activity is an important focus for Peck in order to accelerate revenue growth and cash flow. While geographic expansion is prioritized for the Northeast, prudent acquisitions in other geographies will also be considered depending on the strategic fit and profitability characteristics.
Peck will also make prudent investments in solar arrays to construct and resell or hold. Peck’s EPC capabilities provide the company with unique investment opportunities in the renewable energy space, because Peck can enter the solar array value chain at any scale or stage. De-risked development projects with reliable off-takers can be purchased by and constructed by Peck and then sold for a profit or held for recurring revenue. The Company believes it has the flexibility and capability to be opportunistic about prudent solar array asset investments at any stage.
Jeffrey Peck concluded, “We are pleased to provide this update to investors and look forward to sharing our progress as we continue to execute our growth strategy.”
About The Peck Company Holdings, Inc.
Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. 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 one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 125 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.com for additional information.
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