Innovative Solar Systems (ISS) has been developing utility-scale solar plants in North Carolina left and right. To further add to this, ISS has now obtained construction financing for an additional 200 MW of the company’s already approved, and construction-ready, solar farms. John Green, CEO of ISS, claims that construction on the new projects will start almost immediately. ISS is now seeking creditworthy entities that would like to sign LOI’s to secure the rights to buy and own these projects at COD.
Everything came together for these utility-scale solar farms at the perfect time, according to Green. The company will be executing final interconnection agreements with the utility as well as final power purchase agreements and is understandably excited to be adding so much new capacity to the grid in North Carolina. “It is our experience that investors and buyers of these large scale projects much prefer to purchase the project once built rather than assuming all of the risk and financing on the front end,” said Green. As a result, ISS is confident that buyers will step forward quickly to sign LOI’s, giving them the right to buy and own an individual project at COD.
One such project that will soon be under way is the 40 MW solar farm located in Ivanhoe, North Carolina. This plant will fall right into the ideal size investors are looking at, according to ISS. It will employ approximately 135,000 solar panels located across several hundred acres of land. A 40 MW project like this one will cost approximately $100 million and provide enough energy for approximately 12,000 area homes.