WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (“iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience in solar, electrical and data services, today, in conjunction with Earth Day, announced a progress update regarding its partnership with GreenSeed Investors LLC and its affiliates, including GreenBond Advisors LLC (“GreenBond affiliates”), which aims to enhance iSun’s access to the growing Green Bond segment of the fixed income market by expanding its Engineering, Procurement, and Construction (“EPC”) bid pipeline and grow its base of recurring revenue and earnings.
Key Highlights
- GreenBond affiliates are building on existing indications of interest from leading institutional investors to proceed with investment in an investment grade private placement offering of $350 million of Green Bonds to fund the construction of qualified solar projects.
- GreenBond affiliates are now reviewing or negotiating the purchase of over 4,000 MW of utility-scale solar projects at various stages of development which can be constructed using proceeds from its Green Bond offering.
- iSun’s recent entry in the utility-scale solar EPC market uniquely positions iSun to capitalize on these future opportunities.
- iSun will own a minority interest in the solar projects it constructs for the partnership.
“We remain excited about the growth opportunities presented through our partnership with GreenBond Advisors and GreenSeed Investors and are pleased to be able to announce this important update on Earth Day, as iSun supports the transition from dirty energy to clean energy,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “The main goals of our partnership are to increase our solar EPC pipeline and to provide asset ownership opportunities to increase our recurring revenue stream. We are confident that the combination of our enhanced utility solar capabilities with GreenBond Advisors’ project pipeline and financing commitments positions us well for meaningful results in the coming quarters.”
“We are pleased to celebrate Earth Day and the one-year anniversary of our partnership with iSun by announcing significant progress in the achievement of our joint corporate objectives,” said William Dale, Chairman and Chief Executive Officer of GreenBond Advisors, LLC and GreenSeed Investors, LLC. “Over the past year we have successfully developed a platform and received indications of interest from leading institutional investors to proceed with investment in an investment grade private placement offering of $350 million of Green Bonds to fund the construction of qualified solar projects. Additionally, our affiliate companies have built teams of experts in the renewable energy project development and procurement field and are now reviewing or negotiating the purchase of over 4,000 MW of utility scale solar projects. We maintain a strong discipline in the acquisition of solar projects to ensure long-term profitability for our investors in Solar Project Partners, the passive holding company which will own developed solar projects with our partners. iSun’s commitment to growing their utility scale solar EPC business will help accelerate our business model and provide quality, investment grade Green Bonds for the deep pool of institutional investors seeking to expand their investment in this rapidly growing asset class.”
ABOUT iSUN
Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation, and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions for commercial, industrial, and utility customers. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state, and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 650 megawatts of rooftop, ground- mount and EV-carport solar systems (equal to power required for 123,500 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com
About GreenBond Advisors LLC
Headquartered in New York City, NY, GreenBond Advisors was formed in 2020 to deliver financial product innovation into the Green Bond market with new Green Bond product designs that allow risk-adverse investment capital to be more easily directed into new green energy infrastructure development and construction. GreenBond Advisors works with an ecosystem of affiliate companies and partnerships designed to help conservative investors earn competitive rates of return while making a measurable impact on the transition to a world powered by clean energy. Please visit www.greenbondadvisors.com for additional information.
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 (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. 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.
