Innovative Solar Systems Planning Merger, IPO in 2015, CEO Says

Dec. 5 (Bloomberg) — Innovative Solar Systems LLC, a
developer that has built about 1 gigawatt of capacity in the
U.S., is planning a merger and initial public offering as soon
as the middle of next year.

The solar provider, based in Asheville, North Carolina,
plans to combine with another firm and go public to further
accelerate growth, Chief Executive Officer John Green said today
in a phone interview. He declined to elaborate on potential
partners or expansion plans.

The closely held company builds power plants as large as 80
megawatts. The four-year-old developer initially built projects
ranging from 1 megawatt to 5 megawatts in North Carolina, which
offers financial incentives for solar plants.

“About a year ago, because a lot of our investors wanted
larger projects, we ramped up to 20- to 80-megawatt-sized
projects,” Green said.

The company has developed solar farms throughout the
eastern U.S. and assisted on others in California, Nevada, New
Mexico and Texas, Green said. Innovative Solar Systems today
received approval to build seven more projects in North Carolina
that have a total capacity of 20 megawatts.

“Investors love these 2- and 5-megawatt projects because
the financials work very well for them,” Green said. “We’ve
done a ton of projects in North Carolina.”

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada, Robin Saponar

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