New Energy Equity Portfolio Reaches 145 MW
Annapolis, MD, February 15 – National solar energy project developer New Energy Equity announced its 2018 year-end results today, including a string of record accomplishments for the company. The Annapolis-based company has now closed more than 145 MW (DC) of solar electricity generation, 60 MW in 2018 alone, representing $302 million in total project value.
“We are very excited about these results” said Ian Palmer, Chairman of New Energy. “We grew more than 30% by both megawatts commissioned and dollars deployed in an increasingly competitive market. New Energy now has projects deployed in 9 States and is actively developing in 14 states, ranging from New Hampshire, down to Georgia, across to Minnesota and even in Hawaii.” The company added two new significant markets in 2018, Ohio and Illinois.
Asked about how New Energy plans to improve on these results in 2019, company President Matthew Hankey was quick to answer noting, “We are a partner-driven business. Nothing can replace local knowledge and local reputations. We are fortunate to have developed a top-quality network of project partners and each year we look to add a couple more.”
The success of the Company is also driven by its growing workforce, “We had seven people join our team in 2018”, said Hankey. “We added to engineering, business development, operations, finance and legal. This is helping the team stay balanced so that no group is under-resourced as we grow. Based on projections, we anticipate the need to increase our workforce at a rate similar to 2018. We will give priority to local talent so long as that talent is the right fit for our partners, clients and our existing team.”
New Energy Equity expanded into Community Solar Markets in 2018 by completing projects in Minnesota and New York, with active development in Illinois and Maryland to be completed in 2019 and 2020. John Langhus Vice President of Business Development explained this expansion by saying “Community Solar continues to be a preferred method by states and utilities. In this model community residents, businesses and organizations have a stake in creating environmental benefits and receive the electricity savings of solar without the burden of project development or hosting. We were able to expand current partnerships and source new partnerships to execute on some of our largest projects to date, further proving that the model works well.” Langhus added, “we look forward to many additional states finalizing programs where we intend to participate.”
As for the company’s focus on growth in 2019 and beyond, Matt Hankey noted the following. “For us, the priority is how well we execute our projects, not how many we execute. We will continue to focus on our business partnerships and being the best partner we can be to our existing clients. If that means another year of growth, all the better.”
About New Energy Equity
New Energy Equity is the country’s leading end-to-end solar development and finance specialist company, having successfully completed more than 150 projects totaling more than 145 megawatts. Our team includes experts in all aspects of solar projects – development, engineering, land acquisition, program management, legal diligence, construction, and financing. We share a dedication to clean energy and the nation’s energy transformation.
For additional media inquiries, contact: Carrie Hankey