Solar installer sees solid opportunity in Hard Rock Hotels

Hard Rock Hotel Daytona Beach, Florida. Source: Hard Rock Cafe International (USA), Inc.

August 9 (Renewables Now) - US photovoltaic (PV) and roofing systems installer Solar Integrated Roofing Corp (OTCMKTS:SIRC) has joined forces with Associated Energy Developers LLC (AED) to co-develop turnkey alternative energy systems for multiple Hard Rock Hotel properties.

Under the newly-signed co-development agreement, SIRC will assist in securing financing for the development of an initial portfolio of systems comprising solar power generation, battery energy storage and electric vehicle (EV) charging solutions for both existing and future hotel locations. This initial portfolio will generate USD 55 million (EUR 53.7m) in sales, SIRC estimates.

Depending on the construction timelines of the yet-to-be-built hotels, the company will have the option to realise even more projects that would generate an additional USD 85 million in sales for up to USD 140 million in total over a period of 24-36 months.

Hard Rock currently runs about 250 venues, including 29 hotels, in more than 70 countries.

"As hotel guests are increasingly aware of the environmental impacts of the hospitality sector, environmental sustainability has become essential for hotels to achieve growth and attract visitors,” commented David Massey, CEO of Solar Integrated Roofing Corp.

In late May, SIRC reported record year-to-date sales of USD 110 million, including USD 39.3 million from the solar division.

(USD 1 = EUR 0.977)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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