Viridian's 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. 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.
About Viridian Energy
Founded with the vision of empowering consumers to be part of a significant, collective environmental impact by choosing Viridian as their energy provider, this socially responsible company connects with customers through a vibrant network of Independent Viridian Associates. Committed to sustainability, community action and global initiatives, Viridian Energy offers affordable electricity that is more than 50% renewable, natural gas with carbon offsets to mitigate usage and residential solar power to a range of customers in 19 markets throughout the U.S. Viridian Energy is part of the Crius Energy (TSX:KWH.UN) family of best-in-class energy brands which also includes: TriEagle Energy, Comcast Energy Rewards, Cincinnati Bell Energy, FairPoint Energy, Public Power and Citra Solar.