CBD Energy Limited (NASDAQ: CBDE), a diversified clean energy company and global provider of solar systems, has, through its Australian Energy Efficiency subsidiary, Parmac, been awarded installation and maintenance contracts in Melbourne, Australia. The total estimated value of the contracts is approximately US$1.7 million. The projects are expected to be commissioned in September and to be completed in December, 2014.
As part of the agreements, Parmac will also earn ongoing operations and maintenance fees.
CBD Energy Executive Chairman Gerry McGowan said the contracts and the ongoing service and maintenance fees demonstrate the recurring revenue streams associated with larger-scale installations. “As CBDE builds scale in North America, Europe and Asia, we believe our earnings and associated cash-flows will increasingly reflect the company’s recurring revenue base. “
He added that the company’s strategy of international diversification should also enhance and stabilize earnings. “As recently seen here in Australia, national energy policies are the subject of intense debate, and can and do change over time. However, our presence in several countries should insulate CBD Energy from country specific policy risks.”
Parmac GM Linton Coombs said, “These contracts provide a compelling example of how CBD Energy and its subsidiaries can offer building owners and managers energy efficient solutions.”
About CBD Energy Limited (NASDAQ: CBDE)
Established in 1989, CBD Energy Limited is a diversified renewable energy company and a global leader in solar installations. Powered by a management team with deep experience in the energy sector and strong engineering capabilities, CBDE is focused on the integration of residential solar, commercial and industrial solar, small utility scale solar and wind projects, in three principal markets – Australia, the United Kingdom and the United States. CBDE markets its residential and commercial solar installations under the name Westinghouse Solar, using the WESTINGHOUSE® trademark pursuant to an exclusive, long-term worldwide license.
Headquartered in Sydney, with principal regional offices in London and New York, CBDE has completed projects across four continents in Australia, Fiji, Germany, Italy, New Zealand, Thailand, the United Kingdom and the United States, CBDE has installed more than 17,000 residential systems and developed large renewable energy projects such as the 107MW wind farm in Taralga, NSW