Original Clean Energy, a solar energy and storage system developer (a subsidiary of Clean Royalties), has acquired Williston, Vermont-based iSun and its companies SunCommon and Liberty Electric months after declaring bankruptcy.
iSun provides solar services across residential, commercial, industrial & municipal, utility-scale projects and solar electric vehicle charging solutions for grid-tied and battery-backed solar EV charging systems.
The acquisition and leadership transition is part of the company’s restructuring strategy to ensure financial stability and growth in the solar energy sector throughout New England and New York. iSun will soon rebrand as Legacy Power.
Kip Myrick, a long-time senior vice president at iSun, becomes president of iSun and is responsible for developing and constructing large-scale projects. James Moore, a co-founder of SunCommon and the Waterbury-based developer of residential and commercial solar systems, remains president.
With a new executive team, the company says that financial strength and decades of operational expertise will enable it to increase its market presence by deploying more solar energy projects. Brad Spelbring will become president of Liberty Electric. Jack Comeau, the Founder, will become a Senior Advisor.
“We will grow these companies and make it easier to adopt solar energy throughout the region,” Original Clean Energy CEO Jeff Wolfe said. “Solar has never been more important or more affordable. Our investment will accelerate that growth.”
According to Mercom’s recently released 1H and Q2 2024 Solar Funding and M&A report, in the first half of 2024, there were 40 solar M&A transactions, compared to 48 in the first half of 2023. The largest deal was made by Brookfield Asset Management, an asset management firm, along with institutional partners, including Brookfield Renewable and Singapore’s Temasek Holdings.
Masdar (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy project developer, recently has reached a definitive agreement with Gek Terna SA and other shareholders to acquire an initial 67% stake in European clean energy developer TERNA ENERGY, subject to regulatory approvals and other conditions.
