In other recent news Solco has also enjoyed positive results from a water purification business trial in Maldives and has acquired major green energy products provider Choice Electric Co.

Solco managing director Duncan Stone said while the Country Energy deal was positive, it would not mean instant success for the company.

“It’s not something that’s going to quadruple the size of the business overnight but it will take time and energy to get the momentum up,” he said.

Stone predicted the company would reach a $20 million turnover by the end of next year. He said it had a $2 million turnover in 2004.

Solco has gradually been moving from Australian Stock Exchange-listed environmental darling to a company profiting from renewable energy.

Just three years ago the company, then known as Solar Energy Systems, was trying to gain marketplace traction with its Sun Mill solar-powered pump.

Farmers liked the pump as a replacement for traditional windmills but most of the initial market gains evaporated as the eastern states drought bit.

The company broadened its market appeal in 2004 when it bought WA solar hot water system maker Solco for $3.15. That acquisition brought in a strong cash flow, gave the company a new name, allowed it to keep its green credibility and whet its appetite for further growth.

In February Solco bought Queensland-based Choice Electric Co for about $2.25 million.

Choice provides a range of renewable energy products and is an Australian agent for Sharp solar, the world’s largest solar panel producer. The deal also gave Solco access to a large eastern states network.

Solco told the ASX that the deal would make it the largest distributor of solar power products in Australia. The Choice purchase helped push Solco’s share price up to nearly 40 cents, although it has subsequently slipped to around 27 cents.

Solco has also been turning its technology to humanitarian uses. Its Sun Mill pump has proved its worth in developing nations, providing a cost effective means of drawing water from wells.

In January Solco also embarked on its long-planned trial of setting up a water purification business in the Maldives. The trial came at a crucial time for the Indian Ocean nation, which was badly hit by the Boxing Day tsunami.

The project, on Kulhudhuffushi Island in the Haa Dhaalu Atoll is understood to be the world’s first solar-powered water purification and bottling plant.

Mr Stone said the Maldives water business was already cash flow positive.