Governor Phil Scott joined in the presentation of a solar canopy installed by SunCommon in 2017. Courtesy photo.
by Timothy McQuiston, Vermont Business Magazine Original Clean Energy, a subsidiary of Clean Royalties, a developer and builder of solar energy and storage systems, has acquired Williston, Vermont-based iSun and its companies SunCommon (Waterbury) and Liberty Electric (Salem, NH).
iSun was acquired by Houston-based investment firm Siltstone Capital following approval by the bankruptcy court on August 23. Siltstone acquired iSun (now Original Clean Energy) for $10 million. In its last 2023 financial report iSun stated that its estimated annual revenues were nearly $100 million.
This acquisition and leadership transition are part of the company's restructuring plan to restore financial stability and pursue growth in the solar energy business across northern New England and New York state.
Original Clean Energy CEO Jeff Wolfe will oversee growth, innovation, and operations.
“We will grow these companies and make it easier to adopt solar energy throughout the region,’’ Wolfe said. “Solar has never been more important or more affordable. Our investment will accelerate that growth.”
The new executive team brings financial strength and decades of operational expertise that will enable the companies to increase market presence by deploying more solar energy in the fight against climate change.
Kip Myrick, a long-time senior vice president at iSun, becomes president of iSun, responsible for development and construction of large-scale projects.
James Moore, a co-founder of SunCommon, the Waterbury-based developer of residential and commercial solar systems, remains as president.
Brad Spelbring becomes president of Liberty Electric. Jack Comeau, Founder, will become a Senior Advisor.
Mark Yates, an experienced operator of renewable energy and other companies worldwide, becomes chief operating officer of Original Clean Energy. Yates and Wolfe have worked together restructuring companies for six years.
Moore said the transaction allows SunCommon to stay true to its original mission.
“We founded SunCommon to change the world for our customers and our employees,’’ Moore said. “I’m glad to get back to that focus.’’
Wolfe said Vermont, New Hampshire, Maine, and New York are strong markets for energy transition development, including solar energy, energy storage, and vehicle charging.
“This is our first acquisition in our strategy of investing in high quality companies nationally that will benefit from the efficiencies of a shared services model,’’ Wolfe said. “We will grow both organically and through additional acquisitions.’’
iSun will be rebranding as Legacy Power in the near future.
For more information, visit Original Clean Energy, iSun, SunCommon and Liberty Electric.
Source: September 04, 2024. WILLISTON, Vt.--(BUSINESS WIRE)--Original Clean Energy
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