iSun Enters Large-Scale Utility Solar EPC Business With Latest Acquisition

iSun, Inc. Enters Large Utility Solar EPC Business; Acquires Intellectual Property of Oakwood Construction Services, Inc.

iSun, Inc., a leading solar energy and clean mobility infrastructure company with 50 years of construction experience for solar, electrical, and data services, today announced that it has acquired all of the intellectual property of Oakwood Construction Services, Inc., and its affiliates (“OCS”), a utility-scale solar EPC company, for a total consideration of $2.7 million, with $1.0 million due immediately and the remaining $1.7 million contingent upon the achievement of certain milestones.
Highlights

• Provides iSun entry into the rapidly growing and underserved utility-scale solar EPC market and continues geographic expansion strategy; OCS has contracted projects in South Carolina, Utah, and Colorado
• There is roughly $69 billion of utility-scale solar assets to be built in the US already under executed power purchase agreements
• Consistent with iSun’s core competencies in self-performed solar construction services
• Allows iSun to enter the underserved build-transfer solar projects market, where it will develop, build and sell large projects directly to utility clients

Since 2017, OCS has contracted approximately 450 megawatts of utility-scale solar assets in the United States, for a total fair market value of nearly $700 million, with projects in South Carolina, Utah, and Colorado. It is known for its proprietary, lean execution processes allowing it to provide utility customers with highly efficient and cost-effective EPC solutions.

“Acquiring the intellectual property from OCS supports iSun’s ongoing growth strategy as we continue to expand our geographic reach and enhance our large-project execution capabilities” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “By entering into the growing large-scale utility solar EPC and build-transfer markets, we are building on iSun’s already strong position in commercial and industrial solar markets and making iSun one the largest pure-play solar EPC contractors in the United States. Investment in utility-scale solar assets in the United States is positioned for continued growth through at least 2030, and with $69 billion of projects already under executed power purchase agreements, but not yet under construction, the addition of OCS positions us well to benefit from this growing market.”