After rolling out a solar partnership with Sungevity in September, Viridian parent Crius Energy LLC is marking a milestone in the business. The company’s solar energy sales have topped 50 megawatts in the past two years, supplying clean solar power to nearly 7,000 customers.
Crius closed out the third quarter of 2015 with a 90 percent year-over-year increase in megawatts of generating capacity sold, driven primarily by direct selling subsidiary Viridian Energy. The Stamford, Connecticut-based company is looking to accelerate that growth through its partnership with Sungevity, a solar provider with operations in the U.S. and Europe. The contract secures more favorable terms and a higher profile for Crius than a prior agreement with SolarCity.
“The solar energy market represents a high-margin opportunity for Crius, having contributed 10 percent to our EBITDA last year,” Crius CEO Michael Fallquist said in a statement. “We look forward to continuing to deliver on the extensive potential of this business with our well-capitalized partner, Sungevity, with optimism after having achieved our 50 megawatt sales milestone in just two years.”
The company’s outlook improved further with the recent extension of a key tax credit. Christmas came a week early for Crius and other industry players when the U.S. government voted to extend for five years the solar Investment Tax Credit (ITC), one of the most significant policy incentives in place to advance the industry. The ITC provides a dollar-for-dollar reduction in federal income taxes to companies or individuals investing in solar.
“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,” said Fallquist.