Six Project Portfolio to be Completed Over the Next Two Quarters
SOUTH BURLINGTON, Vt.--(BUSINESS WIRE)-- The Peck Company Holdings, Inc. (NASDAQ:PECK) (the “Company” or “Peck”), a leading commercial solar engineering, procurement and construction (EPC) company, is pleased to announce the signing of contracts totalling $7.641 million for six projects totalling 10.5 megawatts (MWs).
The 10.5MW portfolio of six projects is located in Vermont and include nameplate sizes from 220kWdc to 2.7MWdc. Several of the projects have already started construction and will be completed by year-end. The entire portfolio will be complete within the next two quarters. Peck is the dominant solar EPC contractor in Vermont and has constructed over 1/3 of the 358 megawatts currently installed in Vermont.
The Solar Energy Industry Association reports that Vermont is expected to install an additional 251 megawatts of solar PV projects through 2025. Vermont has been an active participant in the energy transformation with a Renewable Energy Standard to utilize 75 percent renewable energy by 2032. Green Mountain Power, the utility that serves ¾ of the power for Vermont, announced an energy vision to have a 100 percent carbon free energy supply by 2025 and 100 percent renewable energy by 2030.
The Peck Company Holdings Chairman of the Board and Chief Executive Officer, Jeffrey Peck, commented, “We have always been proud of our roots, and Vermont has been a very supportive state to grow our business in over the past 50 years. As we diversify into other states as part of our strategic growth plan, we bring the craftsmanship and relationships that have helped us thrive. We continue to be grateful for the support as we expand into other states like Maine and Rhode Island, and coast to coast.”
Mr. Peck continued, “This momentum is important as we advance our efforts to close the previously announced business combination with Sunworks, Inc. (NASDAQ:SUNW). As detailed in the preliminary joint proxy statement/prospectus, we filed with the Securities and Exchange Commission on October 1, 2020, we believe the transaction with Sunworks will allow us to leverage the combined synergies to create a larger solar EPC platform with greater geographical reach and enhanced financial resources which will benefit our partners, customers and shareholders.”