The US arm of Martifer Solar has received funding totalling US$3 million from the New York State Energy Research and Development Authority (NYSERDA) as part of the Authority’s Solar Electric Incentive Program. The funds are designed to offset system installation costs in New York State as part of the renewable energy portfolio standards in New York City and Westchester regions. NYSERDA was said to have allocated a total of US$30 million in grant money to eligible solar contractors through a highly competitive grant process.
George B. Reed III, Chief Legal Officer and manager of Martifer Solar USA’s East Coast division said, “These funds will offset up to half of the system installation cost for our clients. Combined with the New York state property tax exemption and federal incentives, it creates highly favorable conditions for commercial property owners in New York City who have been waiting for the right opportunity to go solar.”
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Last week Martifer Group reported 2011 financial results, noting that Martifer Solar had been one its key growth units last year.
Martifer Solar was reported to have achieved an operating income that increased 32.8% YoY, totalling €293.2 million.
However, EBITDA decreased by 9.4% YoY to €20.1 million, with a margin of 6.8%, down from 10% in 2010.