Innovative Solar Systems looks to finance North Carolina project

Innovative Solar Systems LLC, which is pursuing several large-scale solar projects in North Carolina, announced Aug. 20 that the company is in the final stages of selecting a partner for the structured financing on a 40-MW solar farm project in Ivanhoe, N.C.

This project will use about 135,000 of some of the most efficient solar photovoltaic (PV) panels in the industry situated on a pristine tract of land that encompasses several hundred acres and is perfect for due south operation of the power plant. Company CEO John Green stated that this 40-MW solar plant will be a welcome addition to the company’s already extensive portfolio of developed projects in North Carolina.

ISS said it looks for projects to develop in key states across the United States and abroad that make the most sense for its buyers and investors. Buyers of projects want two things, Green noted: stable long term returns and a quality installed project by a company with proven experience like Innovative Solar Systems. A 40-MW project like this one in Bladen County will cost approximately $100m.

For more information about Innovative Solar Systems and available projects for sale please visit http://innovativesolarsystemsllc.com/ or call the company at (828)-215-9064.

The company has several projects in review at the North Carolina Utilities Commission or already approved by that body. For example, the commission on Aug. 13 approved three more recent applications by ISS for unusually large solar projects that will supply affiliates of Duke Energy (NYSE: DUK). Over the last three years, Innovative Solar Systems has told the commission that its management team has developed a number of renewable energy projects and currently has over 600 MW of projects in various approval stages with Duke Energy.

The Aug. 13 approvals, including one for a smaller ISS project, were for:

  • On June 6, Innovative Solar 68 LLC had applied for a certificate on a 50-MW (ac) solar photovoltaic facility to be located at 15443 NC 53 Hwy West, White Oak, Cumberland County, N.C. The applicant plans to sell the electricity generated by this facility to Duke Energy Progress.
  • On June 6, Innovative Solar 67 LLC sought approval of a 35-MW (ac) solar photovoltaic project to be located at 1001 Shiloh Road, Willard, Pender County, N.C. The applicant plans to sell the electricity generated to Duke Energy Progress.
  • On May 2, Innovative Solar 31 LLC filed a certificate application on a 35-MW (ac) solar photovoltaic farm to be located at 299 White Farm Lane, Bladenboro, Bladen County, N.C. It plans to sell the electricity to Duke Energy Progress.
  • On June 3, Innovative Solar 64 LLC filed for a certificate on a 4.995-MW (ac) photovoltaic facility to be located at 2800 Hobbton Highway, Clinton, Sampson County, N.C. It plans to sell the electricity to Duke Energy Progress.
About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.