Innovative Solar Systems (ISS) LLC is being offered for sale at $150 million. ISS has an eleven-year track record of delivering utility-scale solar projects across the United States.
The company currently has an active solar project pipeline of 10 GW, much of it focused on the booming market of Texas. ISS said Texas utility-scale projects are particularly appealing as funding these assets typically cost $1 per Watt in total costs, but can be sold on or before commercial operation date for $2 to $3 per Watt to long term owner-operators.
ISS said it has 1.5 GW of Texas projects at or near Notice to Proceed (NTP), and expects to have another 1.5 GW in Texas ready to build within the next 12 to 15 months. The company values the 3 GW of Texas projects at $3 billion to construct, but expects the sale of these completed projects to be worth $6 billion to $9 billion.
The company was founded in 2011 in Asheville, North Carolina. It has constructed 2.4 GW of solar projects in the past eight years, and currently has a staff of 26 employees. ISS also currently has several projects for sale, including eight projects in Texas ranging from 85 MW to 385 MW in capacity.
As of late last year, Texas’ grid controller ERCOT projects that as much as 31 GW of solar may be deployed in 2023, the most of any state in the United States. This deployment may be joined by as much as 40 GW of wind deployment and 4.5 GW of energy storage in 2023.
