SinglePoint Says Boston Solar Acquisition Is First Of Many Planned For 2022

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Last month, SinglePoint Inc. SING announced the closing of the long-anticipated acquisition of Boston Solar, a Massachusetts-based solar installer with a market presence across New England. 

It’s the latest in a series of acquisitions and partnerships SinglePoint states it is targeting as part of an overall strategy to build a nationwide, streamlined renewable energy solution. 

Boston Solar Acquisition Adds $25 Million In Projected Revenue

Boston Solar is an established solar installer with annual revenue of $17.7 million last year. It has reported installing over 5,000 residential and commercial solar systems across New England since it opened in 2011 — including a commercial scale solar system in the MGM Music Hall at Fenway as part of a contract with the Boston Red Sox which will be installed in Spring 2022.

With contracts totaling $16 million already booked for this year, the company estimates it will reach $25 million in revenue for fiscal 2022. It says that a strong and steadily growing revenue stream will now add to SinglePoint’s growing portfolio of revenue-generating subsidiaries as the company targets about $70 million in new revenue for the year. 

As a subsidiary of SinglePoint, Boston Solar plans to continue its growth in Massachusetts while expanding into other New England markets on the strength of Boston Solar’s reputation and accretive tuck-in acquisitions throughout the area. 

Are Companies Like SinglePoint Using Acquisition Strategies Helping Fuel Growth In The Residential Renewable Energy Market?

 

Governments and businesses alike have been investing heavily in renewable energy to meet ambitious climate goals. In 2021  records were broken when the industry saw a 24% jump in new renewable energy deals during that year.

Among the biggest buyers was Amazon.com Inc. AMZN, which signed a total of 44 off-site power purchase agreements generating a total of 6.21 gigawatts (GW) of power through renewable sources. Coming in a close second was Microsoft Corp. MSFT, which added approximately 6.15 GW of renewable energy capacity that same year.

That trend is arguably spreading with momentum through residential and small commercial space markets as homeowners and small businesses reportedly look for more sustainable solutions. But transitioning to solar can be a complicated and tedious process for homeowners across the United States.

With variations in state and local licensing and permit requirements and a landscape of smaller installers and manufacturers operating at the local level, it can be difficult for customers to figure out what they need, who the best provider is and what legal red tape they need to go through to make it happen.

SinglePoint says it hopes to simplify this process by targeting acquisitions and partnerships with synergistic opportunities to create a streamlined and economical solar buying experience, no matter where the customer is or what kind of installation they need.

Its subsidiary, Direct Solar of America, for example, is a solar energy concierge with the goal of working with customers through every step of the process from –selecting the best local installer to obtaining financing and finishing the solar project.

Boston Solar is just the first of many acquisitions SinglePoint reports it has slated for 2022. Recently SinglePoint entered into a definitive agreement to purchase an energy services company, Frontline Power Solutions (FPS).  Once this acquisition closes, SinglePoint will have access to 4,500 leads for commercial solar installations across the US. As part of the company’s strategy to build a nationwide network of solar panel installers, SinglePoint will continue to search for additional accretive acquisitions of established, full-service solar engineering, procurement and construction (EPC) companies. 

“There’s a point where these private businesses, in this space specifically, are unable to access working capital,” SinglePoint CEO Wil Ralston said in an interview with Benzinga. “Going through an acquisition and being able to help drive that really can take them to the next level of growth and add synergies and economies of scale.”

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