PowerSecure Adds $140M In New Distributed Generation Business

PowerSecure International, Inc. (NYSE: POWR) today announced it has been awarded approximately $140 million of new distributed generation (DG) business. The $140 million in new DG business includes $120 million of new utility-scale solar projects, including a major award from one of the largest investor-owned utilities in the U.S. to provide two large-scale solar installations. PowerSecure expects to recognize approximately half of the revenue from the two major solar projects in 2015, and the remainder in 2016. The new solar awards have been contracted with the utility and are subject to regulatory approval by the local public utility commission, and approval by the party granting the rights to the respective sites. These items are expected to be completed over the next 120 days.The remaining $20 million of DG awards include new turnkey sales for a variety of hospital, data center, industrial and retail customers, as well as several additional solar projects. "This significant additional new business highlights PowerSecure's extensive experience serving customers with outstanding solar projects and other high-quality distributed generation solutions," said Sidney Hinton, chief executive officer of PowerSecure."We are pursuing a rich pipeline of smaller and larger opportunities across our business and we are very excited to have converted two of the very large opportunities we have been developing from our pipeline into our project backlog, and to see continued momentum from hospitals and data centers for our traditional DG systems," Hinton added.