Sunworks to Provide 752.4kW Solar System for UC Davis' Orchard Park Student Housing Project

Rhea-AI Summary

Sunworks, Inc. (NASDAQ:SUNW) announced its agreement with CBG Building Company to install a 752.4kW carport solar system at the University of California, Davis for the Orchard Park student housing project. This initiative aims to enhance renewable energy use and reduce energy costs for the facility, which will house 1,549 students. The project is financed through tax-exempt bonds and will be overseen by the Collegiate Housing Foundation. Sunworks emphasizes its role in supporting California's clean energy goals and the benefits of this collaboration.

Positive

• Secured a contract for a 752.4kW solar system, enhancing market presence.
• Supports California's clean energy initiatives, potentially boosting brand reputation.
• Project financed through tax-exempt bonds, reducing immediate financial burden.

Negative

• None.

System to Provide Clean, Renewable Energy and Reduced Energy Costs

ROSEVILLE, CA / ACCESSWIRE / August 26, 2021 / Sunworks, Inc. (NASDAQ:SUNW), a provider of solar power and battery storage solutions for residential, agriculture, commercial, industrial, and public works markets, today announced that it has signed an agreement with CBG Building Company to provide a 752.4kW carport solar system for Orchard Park, a 1,549-bed student housing project on the University of California, Davis (UC Davis) campus.

"California is the nation's leader in deploying clean, renewable energy, a trend that is accelerating rapidly," commented Gaylon Morris, Chief Executive Officer of Sunworks. "The University of California system is an active participant in that effort. Utilizing the real estate and supporting infrastructure of the project, such as covered parking structures, to deploy solar fixtures is a great way to reduce energy costs and enable the generation of clean, renewable power. Sunworks is an expert in the design, deployment, and integration of solar energy generating systems and we are excited to work with CBG Building Company and the entire Orchard Park Team on this important project."

The Orchard Park project is being delivered as a public-private partnership (P3) real estate development. The entire cost of the project was financed with project-based, tax-exempt bond financing issued to a national nonprofit organization, Collegiate Housing Foundation (CHF), who will also be the owner of the project improvements over the term of the bond financing, via a ground lease from the University. Michaels Student Living, a division of The Michaels Organization (TMO) is the developer of the project. Once operational, the facility will be managed by TMO's Michaels Student Living Management, with UC Davis - Student Housing and Dining Services providing marketing, leasing and on-site student support services.

"Together with Sunworks, CBG & TMO will help UC Davis reduce its carbon footprint as well as its energy costs, giving the residents of Orchard Park clean, renewable, cost-effective energy," commented Sean Kelly, Senior Project Executive at CBG Building Company. "This relationship with Sunworks is an integral part of our collaborative design-build effort with the project developer and the facility owner."

About CBG Building Company

Through a relentless pursuit of innovation, a steadfast commitment to quality, and active collaboration with clients, CBG has been delivering award-winning communities from coast to coast for more than 20 years. CBG's professional construction team builds more than 4,000 homes each year, providing high-quality, responsive service backed by a significant bonding capacity and national resources. CBG's experience spans a diverse portfolio of geographic areas and product types, including luxury, mixed-use, and affordable housing apartments, as well as campus housing, military family communities, and senior living facilities. Together, we draw on the knowledge gained through building more than 88,000 housing units since 1999. For more information, visit www.cbgbuildingcompany.com.

About the Michaels Organization:

The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement, and neighborhood prosperity and to creating Communities That Lift Lives.

About Sunworks, Inc.

Sunworks, Inc. (NASDAQ:SUNW) is a premier provider of high performance solar power systems. Sunworks is committed to quality business practices that exceed industry standards and uphold its ideals of ethics and safety. Sunworks continues to grow its presence, expanding nationally with regional and local offices. The company strives to consistently deliver high quality, performance-oriented solutions for customers in a wide range of industries including residential, agricultural, commercial and industrial, federal, and public works. Sunworks' diverse, seasoned workforce includes distinguished veterans who bring a sense of pride, discipline, and professionalism to their interaction with customers. All Sunworks' employees uphold its guiding principles each day. Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power. For more information, visit www.sunworksusa.com and www.solcius.com

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the benefits of the UC Davis project, our ability to collaborate with third parties and our ability to complete the project. These forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Sunworks. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Sunworks' reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available on the SEC's Internet site (http://www.sec.gov). We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact:

Rob Fink
FNK IR
646.809.4048
rob@fnkir.com

SOURCE: Sunworks, Inc.

View source version on accesswire.com:
https://www.accesswire.com/661370/Sunworks-to-Provide-7524kW-Solar-System-for-UC-Davis-Orchard-Park-Student-Housing-Project

FAQ

What solar project is Sunworks involved in at UC Davis?

Sunworks is providing a 752.4kW carport solar system for the Orchard Park student housing project at UC Davis.

What is the significance of the Orchard Park project for Sunworks?

The project enhances Sunworks' presence in the renewable energy market and supports its involvement in California's clean energy initiatives.

How many students will the Orchard Park facility accommodate?

The Orchard Park project will accommodate 1,549 students.

What financing method is used for the Orchard Park project?

The project is financed through project-based, tax-exempt bond financing issued to the Collegiate Housing Foundation.

What are the expected benefits of the solar system installation?

The solar system aims to reduce energy costs and reliance on non-renewable energy for the student housing facility.