Solectria Renewables LLC says its performance last year continues a seven-year run of profitability. The Lawrence, Mass.-based inverter manufacturer reports it shipped 43% more MW of products in 2013 than in the previous year and experienced a 40% growth in revenues over the period.
As a privately held company, Solectria does not publish its financials; however, it says these are audited by an accounting firm.
Solectria points to a number of high-profile installations last year, including a 10 MW solar farm at the Indianapolis airport and an 8 MW solar farm at Mercer County Community College in New Jersey.
On the product side, the company launched its SGI 500XT 500kW central inverter and introduced a new line of 14 kW to 23 kW transformerless three-phase string inverters.
‘Solectria Renewables is one of the most consistently profitable and financially healthy PV inverter manufacturers operating today,’ says Phil Vyhanek, president of Solectria Renewables. ‘In 2013, we expanded our team and manufacturing operations, launched new products, and contributed to many project successes, all while maintaining the financial health required for true bankability.’
