US solar installer Suncrest Solar has marked a big play in the residential market by expanding into northern California and launching into two new US states.
Suncrest is to establish nine new offices in California, South Carolina and Utah to further the expansion, while its ProAlliance partner programme – which allows other sales-based industries to incorporate solar products into their offering – will also be launched into additional markets.
The Salt Lake City-headquartered firm had previously only operated in southern California, but has elected to branch out after recording sales growth of more than 400% in the last year.
“Our people are clearly energized by the mission of bringing homeowners a lower-cost electric service alternative with clean, renewable energy. Residential customers in these new markets are hungry for renewable energy, and we look forward to meeting the ready pool of qualified sales candidates in those locations,” Josh Hatch, senior VP of sales at Suncrest Solar, said
The expansion comes two months after Suncrest closed its maiden tax equity fund in which it partnered with US banks KeyBank and Silicon Valley Bank. The result was a flexible fund which, while no definitive value was revealed by the company, Suncrest said would support “nearly unlimited growth” through 2016.
Suncrest has also received the backing of middle-market private equity firm Sorenson Capital and US capital management giant Tenaska, both of which are primary shareholders in the installer.