Vermont — iSun announced that Fusion Renewable has selected the company for turnkey professional, development, and EPC services.
Highlights
1. Projects encompass interconnect applications across 3 locations in Alabama, equaling 448MWdc of solar production – enough to power over 85,000 homes.
2. Project financing to be provided by Fusion Renewable.
3. Total engineering, procurement, and construction (‘EPC’) and renewable energy credits (‘REC’) contracts could exceed $500 million.
4. Project includes a $7 million development and professional services contract, commencing immediately.
Notice to proceed (‘NTP’) on the first EPC project expected in 2022.
In April, iSun acquired the intellectual property of Oakwood Construction Services, enabling entry into the rapidly growing solar development services market. This is the second award executed by iSun’s Utility division, bringing total contract awards to $8.25 million in 6 months.
“This initiative is in line with iSun’s commitment to help accelerate the adoption of clean energy at every scale, from providing EV Charging, installing residential systems to large utility-scale solar systems,” commented Jeffrey Peck, iSun’s Chief Executive Officer. “Our acquisition of Oakwood construction in April of this year, and the launch of iSun Utility marked our initial entry into both the Utility-scale sector and the professional and development services marketplace. In the short time since, we’ve won contracts for over $8.25 million
in development and professional services fees and have been granted EPC rights for nearly 566MWdc of projects, with potential future revenues of more than $500 million. These results underscore the efficacy of our strategy as well as the quality of the iSun Utility team that we have in place to execute on our strategy. We anticipate construction to begin starting in 2022.”
The projects were structured by Fusion Renewable, including siting, 2,600 acres of land control and diligence, and will be financed and owned by a joint venture between Israeli public companies.
Niv Sarne, Fusion Renewable’s CEO noted, “We are excited to launch our projects portfolio with iSun. This is a significant opportunity and the collaboration between the two companies has created value and led to further opportunities in the renewable sector. We are looking forward to continue working with iSun and strengthening the relationship between the two companies.”
The Altmayer Limited Partnership (“ALP”) is acting as an active development partner in the project.
Daniel L. Rabinowitz, a Director of Altmayer Management, Inc., commented: “ALP is very pleased and proud to be a part of this significant renewable energy venture in South Alabama. We believe that it will provide important benefits for South Alabama and for the communities of western Mobile County. We are a longtime Mobile-based enterprise, and we are committed to entering into constructive partnerships with Mobile educational and job training institutions to provide pathways to the permanent solar energy jobs that will be created by the new facilities and look forward to the economic development that will ensue as the project moves into construction and comes online.”
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