7 June 2010


OPEL raises revenue forecast as firm reaches ‘turning point’

OPEL International Inc of Shelton, CT, USA and Toronto, Ontario, Canada, which makes high-concentration photovoltaic (HCPV) panels (as well as both roof- and ground-based dual- and single-axis solar trackers for mounting them), says that its revenue outlook for the next 18 months is now expected to be significantly higher than the previous forecast, even excluding the revenue potential of OPEL’s Shelton-based affiliate ODIS Inc (Opel Defense Integrated Systems) of Shelton, CT, USA, which designs communications transceivers, optoelectric integrated platforms and infrared sensor type products for military and industrial applications.

This expectation is based on certain 'reasonable assumptions' including the status of projects in the pipeline as well as continued quoting and request for proposal activities with three significant solar project developers, the firm emphasizes. “We currently foresee solar revenues possibly approaching $50–80m over the next 18 months as 30–100MW of solar energy projects are installed,” says chief financial officer Michael McCoy. “OPEL is definitely at a turning point and should grow dramatically in the next 12–18 months,” he believes. The projects in which OPEL is currently involved will drive revenue growth from second-half 2010 through 2011, says the firm.

OPEL says that the positive forecast for its solar business is due to relationships forged with Bechtel Power Corp, ABB Ltd and alternative energy developer CME Energy as well as various EPC (engineering, procurement & construction) firms over the past year. One result of these relationships is an installation with CME Energy, which has selected affiliate OPEL Solar Inc to supply panels and trackers for a 30MW installation in the Midwestern region of the USA.

See related items:

OPEL reports rise in quoting activity for industrial-scale CPV systems

OPEL’s revenues shrink 60% in Q4/2009 while focusing on demonstration projects

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