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Vermont-based solar companies iSun and SunCommon announce merger

SOUTH BURLINGTON, Vt. (WFFF) — Vermont-based iSun announced Wednesday it is set to acquire Waterbury-based SunCommon in a cash and stock deal. The transaction includes $25 million in cash and $16 million in stock.

“We are really excited to be joining forces, to create a larger platform,” said James Moore, Copresident at SunCommon. The deal would also provide $2.5 million directly to SunCommon employees and establish stock ownership plans for all employed at iSun.

“We are looking forward to increasing our impact throughout the northeast…” said Jeffrey Peck, CEO of iSun. Peck also said they hope to “increase the installation of solar and help people everywhere transition from dirty energy to clean energy.”

iSun says the deal is expected to double projected revenues for 2021. While SunCommon will retain its name and vision across Vermont and New York, the merger will create a regional full-service solar installation company servicing residential, commercial, industrial, and utility-scale markets including solar electric vehicle charging.

“SunCommon will continue doing what we do but accelerated, with the access to capital that iSun brings and access to the larger iSun platform,” said Duane Peterson at SunCommon. “SunCommon will be turbocharged by this merger.”

The companies say their main goal is to provide solutions to the climate crisis. “My hopes are as we enter the 21st century here, 2021 we can take on the climate crisis and we use the business approach to solve this climate crisis,” said Peck.

Read More: Vermont-based solar companies iSun and SunCommon announce merger

2021-09-09 14:26:11

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