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September 30, 2020

Vermont solar company making Maine inroads with $2.4M contract

aerial view of large solar array on open field Courtesy / The Peck Co. A 7 MW solar array in St. Albans, Vt., is one of the Peck Co.'s largest installations, with roughly the same capacity of one Peck will build in the Portland area.

A Vermont company has signed a $2.4 million contract to build a 6.8-megawatt solar power system in the Portland area, and expects to hire up to 30 local workers to complete the job in the first quarter of 2021.

The Peck Co. Holdings Inc., (Nasdaq: PECK) will install the infrastructure for a “longtime customer,” according to a news release Wednesday morning, but would not disclose the customer’s name or the exact location of the job.

Peck is a solar engineering, procurement and construction company based in South Burlington, Vt. The Portland-area installation will be Peck’s first solar project in Maine, although the company has done some electrical service work in the state, Chairman and CEO Jeffrey Peck told Mainebiz Wednesday.

The company originated as a family business in 1972 and did traditional electric contracting, but gradually expanded into solar power generation. Since 2012, the Peck Co. has installed over 125 MW of solar, mostly in Vermont, according to the company. It went public in June 2019.

“We did that with eyes on other markets, Maine being one of them,” Jeffrey Peck said.

Now, with the new project, “we’re looking to have a major foothold in Maine,” he added.

The Peck Co. has about 150 employees and staffs up to nearly double that number when needed, Jeffrey Peck said. In Maine, he expects to add 20-30 employees for the new contract. If business grows here, “we would also look to partner with Maine companies.”

With state government incentives and other recent changes, Maine is poised to move “from one of the lesser developed solar markets in the country to one of the more advanced.”

The company’s release cited an industry report showing Maine is projected to develop 873 MW of solar capacity over the next five years.

“A lot of that needs to be built,” Peck told Mainebiz. “There’s going to be a lot of construction done.”

Shares of the Peck Co. Holdings were trading at about $7.40 Wednesday morning, up from yesterday’s close of $6.95. The company has a market capitalization of $36.8 million.

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