US-based PV inverter producer Advanced Energy Industries (AE) has received a major order for its 1000NX central inverters from US EPC firm Swinerton Renewable Energy totalling 325MW, biggest order by far for inverters the company has received.
Swinerton will use the 1000NX inverter with a portfolio of projects in the US in 2015 and through to the end of 2016, providing a significant lifeline to AE, which has experienced a persistent decline in inverter revenue for over a year and had initiated a strategic evaluation of the business segment in 2014.
AE had previously reported PV inverter revenue of US$221.3 million in 2014, down from US$250.4 million in 2013. The company had made an operating loss in its inverter segment of US$52.4 million in 2014, up from a loss of US$3.7 million in the previous year.
“After evaluating the inverter market, we determined that the Advanced Energy 1000NX inverter will allow us to maximize our solar energy production while reducing balance of system and construction costs,” said George Hershman, VP and division manager for Swinerton Renewable Energy.
The US PV market is being fuelled by the planned reduction in PV installation tax credits (ITC) at the end of 2016. Market research firms such as GTM Research, IHS and BNEF have all forecasted that US installations in 2015 are expected to exceed 9GW, potentially becoming the second largest market for solar this year.
“Advanced Energy's market-leading experience with large solar projects, along with the advanced capabilities of our proven NX product line, makes this inverter the ideal choice for Swinerton's portfolio of utility-scale projects,” said Yuval Wasserman, president and chief executive officer of Advanced Energy.