SPI Energy acquires customer contracts from Petersen-Dean (filed for Chapter 11 last year)
SolarJuice American, Inc., a wholly owned subsidiary of SPI Energy Co., acquired the consumer contracts of Petersen-Dean, Inc., one of the largest full-service, privately-held roofing and solar companies in the US.
Petersen-Dean was generating $300 million to $400 million in sales annually with favorable profit margins prior to COVID-19. “Our acquisition of these consumer contracts could save thousands of US jobs that were in jeopardy following Petersen-Dean’s Chapter 11 filing in June 2020. This is also a major win for us as we work to accelerate our penetration in the vast US markets and create better renewable products and services for American residential customers,” stated Xiaofeng Peng, Chairman and CEO of SPI Energy.
Solar footprint: Founded in 1984, Petersen-Dean was one of the nation’s largest independently owned solar and roofing companies that specialized in new residential construction. At its peak, the company employed nearly 3,000 solar and roofing employees in nine states: Arizona, California, Colorado, Florida, Hawaii, Louisiana, Nevada, Oklahoma and Texas.
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SPI Energy Co. is a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors. The Company provides a full spectrum of EPC services to third party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., the U.K., Greece, Japan and Italy.
SPI is also targeting strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the Company’s expertise and growing base of cash flow from solar projects and funding development of projects in agriculture and other markets with significant growth potential.
The U.S. installed 3.8 gigawatts (GW) of solar PV capacity in Q3 2020 to reach 88.9 GW of total installed capacity, enough to power 16.4 million American homes. Wood Mackenzie forecasts 43% annual growth in 2020, with more than 19 GW of installations expected. In total, the U.S. solar market will install more than 107 GW of solar over the next five years.
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