Solar EPC company iSun is investing in US commercial PV project developer Encore Renewable Energy as part of efforts to accelerate its geographic expansion.
The deal will expand iSun’s commercial and industrial (C&I) and utility-scale solar businesses into new markets, said the company, which is continuing its investment strategy after being acquired by EPC Peck earlier this year.
Vermont-based Encore focuses on the development and construction of solar and energy storage projects at landfills, brownfield sites, rooftops and carports.
iSun CEO Jeffrey Peck praised Encore’s experience in reclaiming undervalued land for clean energy generation and storage, and revitalising communities by deploying agrivoltaic projects.
“By deepening our long-standing relationship with Encore Renewable Energy, we will gain invaluable insights into new geographic markets which we can use to further advance our C&I strategy,” he said.
For Encore, it is expected the capital infusion from the deal will allow it to more than double its project development pipeline over the next year.
Having entered the utility-scale EPC segment through the purchase of the intellectual property of Oakwood Construction Services, iSun last month completed its US$40 million acquisition of solar installer SunCommon, bolstering its position in the US residential sector.
In an update published earlier this month, iSun said it is continuing to explore immediately accretive M&A opportunities. Boosted by recent deals, the company is forecasting 2022 revenues to be US$165 million.