Yahoo Finance Enphase (ENPH) to Install IQ 7+ in New South Wales Village
Enphase Energy, Inc. ENPH recently announced that it has inked a deal to supply IQ7+ microinverters to small village operator, Sea Spirit Lifestyle Communities, in New South Wales, Australia. Per the deal, Enphase Energy will integrate its microinverters into the solar panels of a 1.2 megawatt (MW) private grid network of the South West Rocks village. This deal will strengthen Enphase Energy’spresencein the Australian residential solar market.
Along with the microinverters, Enphase will supply its Enphase Envoy communications gateways, which connect Enphase systems to the Enphase Enlighten monitoring platform, thereby making energy monitoring and maintenance easy.
Enphase’s Growth Prospects in Australia
The solar market in Australia is gaining momentum as highlighted by the data released by Australia’s Department of Industry, Science, Energy and Resources. Australia procured 24% of its electricity in 2020 from renewable sources, thus recording growth of 21% from 2009 levels. This was primarily driven by increased solar installations. According to the data released, Australia exhibits the highest uptake of solar power globally with one out of four homes having rooftop solar PV.
According toa report from Mordor Intelligence, the Australian solar market is projected to witness a CAGR of 19.6% over the period of 2020-2025. Since microinverters constitute an integral part ofthe solar market, such growth projection indicate sample opportunities for prominent microinverter makers like Enphase Energy.
Considering the boom in the Australian solar market, Enphase Energy has been making strategic moves to expand its footprint in various regions of the country. The latest deal with Sea Spirit Lifestyle Communities is a bright example of Enphase Energy’s endeavor to broaden presence in the flourishing Australian solar market. Prior to this deal, in September, Enphase Energy launched its IQ 7A microinverter in Australia.
Further, the microinverters are backed by a 10-year warranty in the Australian solar market with the provision to extend it to 15,20 or 25 years against a small fee. Such provision for extension of duration boosts Enphase Energy’s distribution channel, thereby bolstering its future top line prospects.
Peer Moves
In a bid to reap the benefits of the growing Australian solar market, other solar companies namely Vivopower International VVPR, Canadian Solar CSIQ and JinkoSolar JKS have already set foot in the nation.
In September 2021, VivoPower announced that its wholly-owned subsidiary in Australia, J.A. Martin has been awarded a contract to complete all electrical works for the 119 MW-direct current Hillston Solar Farm, in the Riverina region of southwestern New South Wales.
In December 2020, JinkoSolar announced that its high-efficiency modules power more than one-third of the combined capacity in Australia’s utility sector.
In March 2020, Canadian Solar announced that its subsidiary Canadian Solar Australia has signed a power purchase agreement with Amazon.
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