By: Dylan Sikes - AllPennyStocks.com News

Thursday, March 19, 2015

A report by the Solar Energy Industries Association and GTM Research shows that the U.S. is on track to complete its one millionth installation in 2015. Renewableenergyworld.com notes that in 2014, solar PV installations increased an impressive 36%. The website further notes that although both big and small solar projects are increasing, the growth in 2014 was mainly driven by the utility market. This sentiment is also echoed by the U.S. Energy Information Administration (EIA), which said in its Short-Term Energy Outlook report that it expects continued growth in utility-scale solar power generation. The EIA expects utility-scale solar power generation to average 74 gigawatthours (GWh) per day in 2016.

The EIA though also noted in its report that despite the significant growth, utility-scale solar power will average just 0.6% of total U.S. electricity generation in 2016. However, this also highlights the fact that there is room for significant growth.

Not surprisingly, many solar power companies are entering into agreements to develop PV projects. This morning, Solar Power Inc. (OTCQB:SOPW), which is a vertically-integrated PV project developer, said that it is partnering with Aqua Clean Energy to jointly develop floating PV projects in the states of California, Arizona, New Mexico, Texas, as well as in Mexico.

As per the terms of the agreement, SOPW and Aqua Clean Energy will jointly develop an identified pipeline of floating PV projects in the licensed territories with an estimated combined size of more than 50 megawatts (MW). The two companies will form a joint venture company called Aqua Clean Energy Fund LLC.

Commenting on the agreement, Xiaofeng Peng, Chairman of Solar Power, said, “Large-scale floating PV systems have increasingly shown their effectiveness in various settings, and this platform gives SPI a strong competitive advantage in this growing market segment.”

The agreement is the latest in a series of positive developments reported by SOPW in 2015. In fact, in March itself, SOPW has announced a partnership agreement with Sacramento Kings and completed an acquisition of 4.3 MW of solar PV projects in Italy. It has also signed an agreement to co-develop 25 MW of solar PV projects in the United Kingdom.

These agreements will certainly help SOPW boost its revenue, which in the September quarter came in at $26.65 million. The company has also boosted its balance sheet with the completion of $70 million private placement in January.

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