iSun Selected for Turnkey Professional and Development Services, EPC for 448 Megawatt Solar Portfolio by Fusion Renewable

Rhea-AI Summary

iSun, Inc. (NASDAQ: ISUN) announces a significant project as Fusion Renewable selects it for turnkey EPC services for 448MWdc solar projects in Alabama, sufficient to power over 85,000 homes. The total EPC and REC contracts could exceed $500 million, with a $7 million services contract starting immediately. This marks iSun's second venture into the utility-scale EPC market and follows its acquisition of Oakwood Construction Services. The company aims to bolster clean energy adoption and anticipates construction commencing in 2022.

Positive

• Secured a major EPC contract for 448MWdc solar projects in Alabama, potentially exceeding $500 million in total contracts.
• Initiated a $7 million development and professional services contract starting immediately.
• Total contract awards of $8.25 million in six months, showing growth in the utility-scale sector.

Negative

• None.

448MWdc Project marks iSun’s second foray into the fast-growing utility-scale EPC market.

BURLINGTON, Vt.--(BUSINESS WIRE)-- iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience in solar, electrical and data services, announced today that Fusion Renewable has selected the company for turnkey professional, development, and EPC services.

Highlights

• Projects encompass interconnect applications across 3 locations in Alabama, equaling 448MWdc of solar production - enough to power over 85,000 homes.
• Project financing to be provided by Fusion Renewable.
• Total engineering, procurement, and construction (‘EPC’) and renewable energy credits (‘REC’) contracts could exceed $500 million.
• Project includes a $7 million development and professional services contract, commencing immediately.
• Notice to proceed (‘NTP’) on the first EPC project expected in 2022.

In April, iSun acquired the intellectual property of Oakwood Construction Services, enabling entry into the rapidly growing solar development services market. This is the second award executed by iSun’s Utility division, bringing total contract awards to $8.25 million in 6 months.

“This initiative is in line with iSun’s commitment to help accelerate the adoption of clean energy at every scale, from providing EV Charging, installing residential systems to large utility-scale solar systems,” commented Jeffrey Peck, iSun’s Chief Executive Officer. “Our acquisition of Oakwood construction in April of this year, and the launch of iSun Utility marked our initial entry into both the Utility scale sector and the professional and development services marketplace. In the short time since, we’ve won contracts for over $8.25 million

in development and professional services fees and have been granted EPC rights for nearly 566MWdc of projects, with potential future revenues of more than $500 million. These results underscore the efficacy of our strategy as well as the quality of the iSun Utility team that we have in place to execute on our strategy. We anticipate construction to begin starting in 2022.”

The projects were structured by Fusion Renewable, including siting, 2,600 acres of land control and diligence, and will be financed and owned by a joint venture between Israeli public companies.

Niv Sarne, Fusion Renewable’s CEO noted, “We are excited to launch our projects portfolio with iSun. This is a significant opportunity and the collaboration between the two companies has created value and led to further opportunities in the renewable sector. We are looking forward to continue working with iSun and strengthening the relationship between the two companies.”

The Altmayer Limited Partnership (“ALP”) is acting as an active development partner in the project. Daniel L. Rabinowitz, a Director of Altmayer Management, Inc., commented: “ALP is very pleased and proud to be a part of this significant renewable energy venture in South Alabama. We believe that it will provide important benefits for South Alabama and for the communities of western Mobile County. We are a longtime Mobile-based enterprise, and we are committed to entering into constructive partnerships with Mobile educational and job training institutions to provide pathways to the permanent solar energy jobs that will be created by the new facilities and look forward to the economic development that will ensue as the project moves into construction and comes online.”

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun’s often repeat client base includes leading institutions from the U.S. Federal Government, to municipalities, universities, independent power producers, utilities, Fortune 500 and financers In April, iSun was ranked the 3rd largest domestic commercial and industrial solar engineering, procurement and construction (“EPC”) company according to Solar Power World. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of

1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210922005488/en/

IR Contact:

Tyler Barnes

IR@isunenergy.com

802-289-8141

Source: iSun, Inc.

FAQ

What major project did iSun announce in the press release?

iSun announced the selection by Fusion Renewable for turnkey EPC services on 448MWdc solar projects in Alabama.

What is the estimated value of the contracts awarded to iSun?

The total engineering, procurement, and construction contracts could exceed $500 million.

When is construction expected to begin for the iSun projects?

Construction is anticipated to start in 2022.

What is the significance of the 448MWdc project for iSun?

It marks iSun's second entry into the fast-growing utility-scale EPC market.

How many homes can the Alabama solar projects power?

The 448MWdc solar projects are expected to power over 85,000 homes.