Modern Energy invests $30 million in launch of Texas PV developer


Modern Energy, a clean energy company that invests, builds, and operates renewable energy assets, announced the investment of $30 million in the launch of Industrial Sun, an Austin, Texas-based utility-scale solar and energy storage developer targeting large commercial and industrial customers. Modern Energy is a Durham, North Carolina-based certified B-Corp with operations in the United States and Brazil.

Industrial Sun’s co-founders Wade Gungoll (left) and Dan Seif.
Image: Industrial Sun

Industrial Sun brings founders Dan Seif and Wade Gungoll, along with a senior team that has managed multiple GW of project development, power sales, and utility-scale project financing. The company said it has a focus on cost savings for high energy-intensive facilities, like refineries, pumping stations, manufacturing plants, terminals, and datacenters.

“Modern’s experience developing, aggregating, and marketing assets across multiple technologies and regulatory regimes, along with their track record for building novel development platforms from inception to scale, was important to us in looking for a partner,” said Seif.

“Today, many developers find themselves with a large and eager universe of buyers ready to purchase and operate portfolios but limited capital to help them build their operation. We act as a bridge between early-stage and operational assets,” said Jazib Hasan, co-head of Modern Energy.

Modern Energy supports commercial, operational, and capital markets activities of its portfolio companies. Industrial Sun is actively siting projects, securing permitting, performing engineering studies, interconnection studies, and securing offtake agreements. Kirk Bedell and Jazib Hasan of Modern Energy led the transaction.

Texas is ranked second in the nation, behind only California, for the deployment of PV, according to the Solar Energy Industries Association (SEIA). SEIA projects Texas as the top state for solar development over the next half-decade, with an estimated 23,032 MW expected. This compares to its current total capacity of 12,308 MW. Despite this being second in the country, SEIA estimates only 2.88% of the state’s electricity used is solar.

Texas employs over 10,000 people in the solar industry, with over 500 solar companies in operation, and an estimated total investment of $14.4 billion.

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