SunCommon parent company iSun to rebrand after bankruptcy filing

By Shaun Robinson | VTDigger

Electricians install the last solar panels at the home of SunCommon’s 1,000th customer in Barre Town. File photo by John Herrick/VTDigger

This story was published by VTDigger.org on Sept. 4.

Months after declaring bankruptcy, iSun — one of the state’s largest solar energy installers — has been acquired by a Texas-based private equity firm and is set to rebrand with a new name under new leadership.

A federal judge on Aug. 23 signed off on Siltstone Capital’s $10 million acquisition of iSun, which is located in Williston, and its residential subsidiary, Waterbury-based SunCommon. The solar companies will operate under a new umbrella called Original Clean Energy, according to a company press release.

SunCommon will keep its existing name, while iSun will rebrand as Legacy Power.

The Houston, Texas, firm also hired Jeff Wolfe, a veteran of Vermont’s solar industry, to serve as Original Clean Energy’s CEO, the release states. Wolfe helped found the company groSolar, headquartered in White River Junction, in 1998. That company was acquired by EDF Renewables, a subset of a French energy firm, in 2016.

In an interview, Wolfe acknowledged that “certainly a piece of my role” at Original Clean Energy is to restore confidence in iSun’s business. 

The company, which offers commercial solar and electrical contracting services, was shedding $250,000 a week — and hadn’t turned a profit for two years — at the time it filed for bankruptcy, court records showed.

At the same time, Seven Days reported in July, a former iSun executive alleged in a whistleblower complaint that leaders of the solar firm misled shareholders and committed “extensive” wrongdoing including misappropriating funds. 

The company has also laid off scores of employees, the newspaper reported. 

Wolfe said iSun has continued operating during its bankruptcy proceedings but has — understandably — had a difficult time securing new commercial contracts.

However, he maintained, many of those commercial customers are “really excited to have us back — and to have us have no cloud hanging over our head.”

Before its sale to private equity, iSun was one of Vermont’s only publicly-traded companies. Wolfe said that going private will help the business grow.

“By being private, we can operate the business as the business should be operated — not to respond to the whims of Wall Street,” he said. 

Wolfe said his first priority is to get Original Clean Energy on solid footing in the areas it already operates, which include northern New England and New York. But he said he’s already interested in adding to the company’s portfolio, as soon as next year, in other parts of the country. 

Jeff Peck, iSun’s founder and former CEO, will continue at Original Clean Energy as a senior adviser, according to the company press release. Kip Myrick — formerly an iSun senior vice president — will become that company’s president. 

Meanwhile, James Moore will continue serving as president of SunCommon, the release states. According to Wolfe, SunCommon had “its best sales month ever” for residential solar in July — despite the turbulence at its parent company. 

In the company news release, Moore said the transaction allows SunCommon to stay true to its original mission. “We founded SunCommon to change the world for our customers and our employees,’’ Moore said. “I’m glad to get back to that focus.’’

Wolfe said Vermont, New Hampshire, Maine, and New York are strong markets for energy transition development, including solar energy, energy storage, and vehicle charging. “This is our first acquisition in our strategy of investing in high-quality companies nationally that will benefit from the efficiencies of a shared services model,’’ Wolfe said. “We will grow both organically and through additional acquisitions.’’

Waterbury Roundabout contributed to this report.