iSun, leading solar energy and clean infrastructure company, announced this Monday it reached a definitive agreement to make a minority interest equity investment in Encore Renewable Energy.
Firstly, iSun, as outlined above is a solar energy, clean mobility and infrastructure company with more than 50 years of experience in building solar facilities. It is also a top provider of proprietary electric vehicle charging platforms.
On the other hand, Encore Renewable Energy is a true innovator in the community-scale clean energy sector. It is also one of the top 20 US commercial solar developers. As a result, the investment of iSun will strengthen both companies’ portfolios.
The companies did not disclose the financial details of the investment. However, the statement underlines some of the highlights of the transaction. In the first place, the investment will accelerate the expansion of iSun’s Commercial, Industrial and Utility businesses into new geographic markets.
Moreover, it will provide collaboration opportunities across both companies’ pipelines. It will also allow Encore to expand its geographic reach; while advancing innovative clean energy solutions, including solar + storage, brownfield redevelopment, and dual land-use/agrivoltaics initiatives.
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Investment by iSun to complement its growth strategy
Indeed, iSun’s investment aligns with its previously stated growth objectives. It will complement two of the strategy’s key pillars. One, organic growth, and two, organic regional growth. It would do so by expanding relationships with existing Industrial and Utility customers; investing in companies capable of increasing project pipeline opportunities.
About the matter, Jeffrey Peck, CEO of iSun, said. “By deepening our long-standing relationship with Encore Renewable Energy, we will gain invaluable insights into new geographic markets which we can use to advance our C&I strategy further.”
He also remarked. “Equally important: we will be strengthening a long-term relationship with a partner whose values and commitment to innovation mirrors ours.”
On the other hand, Chad Farrell, CEO, and Founder of Encore Renewable Energy, commented. “This new infusion of capital from iSun will allow us to more than double our project development pipeline over the next 12 months.”
Finally, he said. “Deploying additional community-scale solar and solar + storage solutions across the Northeast and other strategic markets supports our ongoing work to accelerate the transition to a robust clean energy economy powered by low cost, carbon-free renewable resources.”