Ashville, North Carolina-based Innovative Solar Systems LLC (ISS) is up for sale at a firm price of $150 million USD. ISS is a national utility-scale solar project developer with an active project portfolio of 10 GWac.
ISS boasts that the buyer of the company has an opportunity to net $1.7 billion to $4.8 billion in gross profits within 3 years, by funding the buildout of the company’s 2.5 GW of “ready to build” (RTB) solar projects in Texas. These projects, under the jurisdiction of the Energy Reliability Council of Texas (ERCOT), will have interconnection agreements in place and ready for construction within 12 to 18 months after the closing of the company’s acquisition.
According to a recently completed third-party valuation report on ISS, the current valuation on ISS is approximately $220 million to $328 million. The company is able to share this report with potential buyers.
ISS has developed and sold approximately 3 GW of utility-scale solar PV plants in its 11-year history and has built a portfolio of roughly 10 GW of solar projects. The company is one of the largest developers of U.S. utility-scale solar plants. ISS focuses on early-stage solar project development, identifying and securing key sites, engineering those projects, and obtaining final interconnection agreements from interconnecting transmission providers.
The ISS team also negotiates the EPC agreements for the construction of the projects as well as securing sources for the investment grade PPAs. The projects in the company’s portfolio range in size from 20 MW to more than 200 MW, located primarily within Texas.
The U.S. utility-scale solar market is robust, being driven by cost reduction in solar technology, demand for renewables, rising power prices and new incentives related to the U.S. Inflation Reduction Act.
Tags: Innovative Solar Systems, mergers and acquisitions, utility-scale
