SPI Energy Co., Ltd (NASDAQ: SPI) disclosed that its subsidiary SolarJuice Co., Ltd. has inked an agreement with Aboriginal Housing Office (AHO). AHO is the department of NSW, Australia. The deal has been signed by SolarJuice to deliver solar photovoltaic (PV) systems to up to 2,600 properties across NSW.
As per the contract, SolarJuice is scheduled to commence NSW Program in March 2021. The contract signifies nearly 8.5 megawatts (MW) of solar PV which will be implemented over a 12-month period across the housing real estate under the AHO umbrella. The main aim of the program is to offer benefits such as pushing the costs of electricity to thousands of native households and communities across NSW.
Shares of SPI Energy Co., Ltd (NASDAQ: SPI) went up 7.39% at $8.27 during the trading session of Tuesday. Its share went up 1403.64% from its 52-weeks low and went down -82.28% from its 52-week high. It has ROI, ROE, and ROA of -15.90%, 108.80%, and -2.60%. This firm has total market capitalization of 175.16 million at the time of writing.
The $212 million stimulus package to AHO by the NSW government will further grow the work of AHO and generate necessary job opportunities for Native and non-native Australians across NSW to offer fair and reasonable housing for the Aboriginal people. The project gives residents of the residences the chance to reduce their energy bills as the solar PV system offers electricity rather them just using the energy from the renter's retail meter.
The main benefit of the Solar program is to offer economic advantages to Aboriginal citizens and also aimed to cut emissions in the future. The international solar energy market was priced at $52.5 billion in 2018 and is expected to attain $223.3 billion by 2026, increasing at a CAGR of 20.5% from 2019 to 2026.