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SolarCity and Wal-Mart Sustainability Story Continues

SolarCity Corporation (SCTY) has signed a deal with the giant retailer, Wal-Mart Stores Inc. (WMT), for installation of new solar projects at Wal-Mart stores across 36 states in a span of four years.

Since early 2010 SolarCity has concluded over 200 solar projects at Wal-Mart facilities. The company has also tested and installed energy storage projects beside 13 Wal-Mart locations since last year and plans to add 10 additional storage projects by next year. Each of these upcoming projects will employ a larger 200 kilowatt battery which will expand the storage capacity and further reduce energy expenses.

Since SolarCity’s last announcement, in Jun 2013, the company has installed nearly 50 solar projects for Wal-Mart in Arizona, California, New York, Oregon and Puerto Rico with a total capacity of 15.8 megawatts.

Headquartered in San Mateo, CA SolarCIty designs, develops and installs solar energy systems at residential and commercial sites through leasing or selling. After tying up with Wal-Mart, SolarCity has created 5000 permanent jobs in the U.S.

Wal-Mart is the leading commercial user of solar energy and energy storage technology in the U.S. The company aims to go green and use 100% renewable sources of power generation at all its facilities by the end of 2020.

Apart from ongoing projects with Wal-Mart, SolarCity is expanding its operations in New Windsor with a 22,000-square-foot Orange County Operations Center. This will be the company’s fourth project in New York and will cater to the rising solar demand in Hudson River Valley and the Catskills regions.

Increasing consciousness about greenhouse gas emission has resulted in increasing usage of alternate energy for generating power. The U.S. Energy Information Administration projects that solar energy consumption in the country will boom by roughly 35% in 2014. The expected increase in demand is likely to fuel top-line growth at other solar manufacturers like Canadian Solar Inc. (CSIQ) and First Solar, Inc. (FSLR).

SolarCity Corporation currently has a Zacks Rank #3 (Hold).

Read the Full Research Report on WMT
Read the Full Research Report on CSIQ
Read the Full Research Report on FSLR
Read the Full Research Report on SCTY


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