North Carolina developer Innovative Solar Systems LLC said March 19 that it is meeting with potential buyers and investors for the company’s current portfolio of 500 MW of “Shovel Ready” solar projects almost daily since the push is on for groups to purchase large projects and get them on line in 2016 before the 30% Federal Tax Credits expire for renewable energy.
With such an uncertain future for these large scale solar farms many sophisticated buyers and investors are buying as many of these large projects as possible so that the projects can be brought on line and thus utilize the Federal Tax Credits, the company said.
Innovative Solar Systems said it has already sold hundreds of megawatts of these solar farm projects, like the company’s: Innovative Solar 46 project, which is an 80-MW project located in Hope Mills, N.C.; and Innovative Solar 42, a 75-MW project located near Fayetteville, N.C.
Large-scale solar farm projects like these take well over a year to develop and then approximately another year to build. So Innovative Solar Systems said its large portfolio of construction-ready projects has attracted the attention of independent power producers, as well as investment bankers, hedge funds and private equity groups. The company’s available projects range in size from 35 MW, 40 MW, 50 MW and 80 MW and have all necessary approvals and contracts in place.