Vermont-based iSun was selected by Fusion Renewable to spearhead a turnkey project development for a portfolio of 448 MW of solar capacity.
Project financing will be provided by Fusion Renewable. Total engineering, procurement and construction, and renewable energy credits could exceed $500 million, said iSun.
A $7 million development and professional services contract is included in the project, iSun said. This is the second award executed by iSun’s utility division, and brings total contract awards over the past six months to $8.25 million for 566 MW of capacity.
The solar capacity will be sited at three Alabama locations, and is expected to produce enough power to power over 85,000 homes. Notice to proceed on the first phase is expected in 2022.
In April, iSun acquired the intellectual property of Oakwood Construction Services, enabling entry into the solar development services market. Earlier in September, iSun acquired Vermont-based installer SunCommon in a stock and cash deal, citing SunCommon’s strong performance in customer acquisition as a motivating factor.
The projects were structured by Fusion Renewable and will be financed and owned by a joint venture involving Israeli public companies. Mobile, Alabama-based Altmayer Limited Partnership is serving as an active development partner in the project.
The capacity would more than double Alabama’s solar capacity, which according to the Solar Energy Industry Association (SEIA), totaled 283 MW through the end of the second quarter. The three projects would each outsize the largest solar project in the state, River Bend Solar, a 75 MW facility that was completed in 2016.
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