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VT Headlines: Bankrupt solar company gets new brand, leaders

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  1. iSun to Continue Operations With New Leaders, Brand

    Right.

    Consider some of the takes from this sordid tale of Vermont’s continuing crony capitalism. We can file this story right up there with the Jay Peak EB-5 fiasco in which “Investors later sued the state, alleging that Vermont officials failed to meet their legal obligation to supervise the projects and prevent an eight-year Ponzi-like scheme.“

    As you will see below, now Vermont can sue itself.

    “A decade ago, SunCommon was just learning how to be a company. It had spun off from nonprofit political advocacy org Vermont Public Interest Research Group, and its employees were going house to house, community organizer-style, to persuade Vermonters to put solar panels on their roofs.”

    VPIRG’s energy lobbyist, James Moore, and board president Peterson were also successful in convincing really stupid Vermont legislators that ‘carbon neutral’ (i.e., CO2 is the climate-change boogieman) was the way to go.

    “VPIRG, in quite an unusual manner, served to incubate the program that would become SunCommon and helped lobby for regulatory conditions more favorable to its business. VPIRG’s energy lobbyist, James Moore, and board president Peterson left the advocacy organization to launch SunCommon in 2012.”

    Then…..

    “After changing its name to iSun, the company bought Vermont residential solar installer SunCommon in 2021 for $40 million.”

    So, Moore and Peterson walked away with $40 million in cash and iSun stock. With any luck, they received mostly stock, and now that iSun is belly-up, the stock is likely worthless.

    “The sale to a private equity firm with expertise in oil and gas represents an awkward landing for SunCommon, which advertises itself as a solar company with a purpose beyond profit.”

    Awkward! Now there’s a characterization of ill repute for you. Now the State of Vermont can sue SunCommon’s parent company (having expertise in oil and gas) for damages that occurred because of recent bad weather.

    You can’t make this stuff up.

    Oh, yea. I almost forgot.

    “SunCommon cofounder (and former VPIRG energy lobbyist) James Moore will remain CEO of the Waterbury-based residential division.”

    The saga continues.