Business Irish

Sunday 19 November 2017

Kingspan launches US arm in solar sales plan

Kingspan Energy US, headquartered in the state of Maryland, will aim to tap solar market
Kingspan Energy US, headquartered in the state of Maryland, will aim to tap solar market

Paul O'Donoghue

Building materials group Kingspan, one of Ireland's biggest companies, has launched the solar energy arm of its operations into the US.

Kingspan Energy was launched in Europe last year.

The subsidiary of the Cavan-headquartered firm offers solar installations for no upfront cost, and in return the company leases the customer's roof space for 25 years, receiving the associated subsidy payments as well as selling the host the electricity generated.

Kingspan Energy US will be headquartered in Maryland and will develop, finance and install solar panels ranging in size from 150 kW to 5 MW. "We see great long-term potential in the American solar energy market," said Ralph Mannion, president of Kingspan Energy.

"For us, bringing Kingspan Energy to the US is a natural next step. There is tremendous opportunity here for us to not only grow as a company, but to bring solar energy to previously overlooked customers in the United States."

He added: "Our goal is to make solar available to a wider range of organisations, many of whom may have been unable to install financed rooftop solar in the past.

"Our global experience, and access to our own financing, allows us to look at more types of buildings, businesses, and credit profiles than traditional solar developers. We feel this is a critical component in unlocking the broader US commercial market."

Kingspan, which has a market capitalisation of roughly €2.3bn, employs almost 7,000 people worldwide and has over 2000 employees and 10 manufacturing facilities across the United States.

The company began marketing Kingspan Energy in the US at the end of last year.

The global market for solar energy is currently expanding rapidly, and was estimated to have been worth over €91bn in 2013. It is now predicted to rise in value to €158.4bn by 2023.

Irish Independent

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