iSun Inc. completes $16.4 million transaction of development project
iSun sells first fully-internally development asset and executes EPC contract
WILLISTON, Vt.–(BUSINESS WIRE)–iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, has agreed to sell a 7 MW solar asset valued at approximately $4.8 million in connection with the execution of an $11.6 million EPC contract.
HIGHLIGHTS:
- Revenue to be recognized of $16.4 million, $4.8 million from asset sale and $11.6 million in EPC contract
- First sale of a fully-internally developed asset showcases iSun’s project origination capabilities to drive long-term revenue growth and build existing backlog
- Leverages iSun’s engineering, development, and EPC services
- Highlights iSun’s expertise to maximize asset valuation for new customers
- Successfully transitions 7 MW asset from iSun’s 1.3 GW development pipeline to EPC backlog
“When we acquired Oakwood Construction’s IP assets in 2021, we positioned iSun to provide turnkey development and engineering services,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “We added meaningful value at each stage of the solar assets’ life cycle for our new partner. We executed substantially all of the development, engineering and technical work and as a result, we have now contracted to sell this asset to a leading investment firm and execute EPC contracts to complete the installation. We pride ourselves on our years of experience that have positioned the Company to handle all the many challenges involved in creating more valuable long-term assets for customers.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
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