"We are on a clear path to profitability in 2023 and expect this will be an exceptional year for SPI as we drive significant year-over-year revenue growth," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "Our 2022 guidance was impacted by foreign currency exchange and the delayed sale of our Oregon solar projects, which we now expect to complete in 2023. The strong growth in revenues and profitability forecasted in 2023 are being driven by a multitude of factors, including the rapid growth of newer business lines and the continued growth of more established subsidiaries." SPI’s American-made solar module manufacturing business, Solar4America, has reached 700MW in capacity and is expected to surpass 2.4GW by the end of 2023. The company is also rapidly expanding its new solar wafer manufacturing operation, SEM Wafertech, and expects to reach 1.5GW in manufacturing capacity this year. Additional growth drivers include electricity sales revenue in the US and Europe through the Company’s Orange Power subsidiary, as well as further expansion of its solar and battery business in Solarjuice Australia, and new solar development projects through SPI Solar. "The Inflation Reduction Act of 2022 included attractive incentives for the production of solar modules in the US," continued Peng. "Because of the IRA, our solar module manufacturing division in California is now receiving an extra $0.07 per watt of solar module produced, which should drive improved margins moving forward. Overall, I believe SPI is well positioned to capitalize on a wealth of opportunities to expand our project pipelines, grow consistent cash flows from our operating assets, and sustainably increase our gross margin and profitability."
Published first on TheFly
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