EIG, Modern Energy invests in Industrial Sun

Date March 02, 2023
Type Projects
Subtype Project in planning
Countries (USA) United States of America
Subsectors Photovoltaic
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EIG and Modern Energy will invest US$90 million in Industrial Sun, a Texas-based developer of large-scale solar projects for industrial clients in the ERCOT energy market. The investment aligns with EIG’s strategy of supporting the transition from fossil fuels to sustainable energy sources globally. EIG had previously announced its commitment to providing a US$100 million debt facility to Modern Energy to fund clean energy asset development.

Industrial Sun was launched in November 2021 with an initial investment of US$30 million from Modern Energy. The latest funding will enable Industrial Sun to continue its growth trajectory with the support of Modern Energy.

As a result of this investment, Modern Energy will continue to manage and provide a range of services to support Industrial Sun’s growth. The move is expected to contribute to the expansion of renewable energy capacity in Texas, which is currently the largest energy-consuming state in the US.

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