Investorideas.com releases a sector snapshot reporting on the continued upswing for the residential side of the solar sector
SinglePoint Inc. (OTCQB:SING)
POINT ROBERTS, WASHINGTON, UNITED STATES, June 20, 2019 /EINPresswire.com/ — Investorideas.com, a leading investor news resource covering solar stocks releases a sector snapshot reporting on the continued upswing for the residential side of the solar sector as more states adopt new energy policies and as solar becomes more affordable and accessible to residential consumers.
Companies featured include SinglePoint Inc. (OTCQB: SING), SunPower Corporation (NASDAQ:SPWR), NextEra Energy, Inc. (NYSE: NEE) and Vivint Solar, Inc. (NYSE: VSLR).
A recent Benzinga news article looking at solar stocks quoted, “Goldman Sachs recently upgraded residential solar stocks, which are making a big comeback so far in 2019, with the INVESCO EXCHANG/SOLAR ETF up 48.5% year to date. However, one Wall Street analyst said Tuesday residential solar stocks will continue to shine in the second half of the year.”
Goldman Sachs analyst Brian Lee commented, “We are incrementally positive on US residential solar stocks and see a number of tactically attractive buying opportunities ahead of 2H19 volume tailwinds and amidst recent signs of ongoing strength in the financing environment.”
SinglePoint Inc. (OTCQB: SING), a new player in the solar sector recently announced that its acquisition, Direct Solar has surpassed everyone’s expectations signing contracts to deploy $1,709,460 in solar installs over the previous 30 days. This revenue should generate approximately $803,769 in gross and $361,541 in net. Direct Solar and SinglePoint also announced the official addition of three new service areas with a fourth on the way. Tampa, Orlando and St. Louis are officially active and Miami will be activated in the near future. The company has now deployed teams in these areas to drive the explosive growth of Direct Solar.
From a cash flow standpoint, these numbers have quickly put SinglePoint on the path to profitability. Management from both companies are very excited to see the continued growth of Direct Solar through multiple avenues including commercial. Direct Solar is currently negotiating a line of credit for cannabis businesses and other small businesses throughout North America. This provides Direct Solar the ability to not only generate the sale but to also provide the financing for these business owners. Providing financing will deliver Direct Solar another avenue towards generating profits on the origination of the financing.
“This acquisition puts SinglePoint on a huge trajectory path. This is not only a homerun but a grand slam in our eyes. These revenues and profits provide SinglePoint the ability to be in a profitable cash flow position and the opportunity to aggressively expand sales. For every dollar we are putting into marketing we are seeing a return of five. Expanding in additional major markets would exponentially increase the revenues on top of the already explosive growth,” states Greg Lambrecht, CEO of SinglePoint.
SunPower Corporation (NASDAQ:SPWR) recently announced that with Hannon Armstrong Sustainable Infrastructure Capital, Inc. and SunStrong Capital Holdings, LLC, it has secured financing commitments for its residential solar lease program that will help meet SunPower's expected customer demand into 2020. SunPower has provided solar lease financing options to customers since 2010. The attractive financing provisions with this new fund will supplement the solar loan and cash sale alternatives currently offered by the company.
The new fund is structured as a levered tax equity partnership with a multi-party forward purchase commitment, allowing generation of upfront cash margins for residential solar leases. The financing commitments for this new fund are being provided largely from a repeat group of loan and equity providers that continue to have strong long-term relationships with SunPower and Hannon Armstrong.
"SunPower's strong suite of acquisition options, and our technologically superior solar energy solutions allows us to continue meeting growing customer demand," said Tom Werner, SunPower CEO and Chairman of the Board. "Thanks to our financing partners who share our clean energy future goals, we're able to ensure funding to meet the needs of those customers who desire a leasing option."
"This latest fund continues our multi-year programmatic investment with SunPower, helping to decarbonize the residential sector using solar, one of the climate solutions essential to mitigating climate change," said Jeffrey Eckel, Hannon Armstrong President and CEO. "We are especially pleased with the expansion of SunStrong's role in this innovative fund as it demonstrates the increased financial capabilities of this new joint venture with SunPower."
As investors continue to gain confidence in solar, a snowball effect of consumer awareness and cost effectiveness, even in the midst of tariff turmoil, may allow solar to continue to gain throughout 2019 as many analysts already predict.
Read the full article on Investorideas.com
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Source: EIN Presswire