Modern Energy to Invest $30 Mn in Austin-based utility-scale solar developer Industrial Sun

Industrial Sun founders Dan Seif and Wade Gungoll bring decades of experience in the energy industry, and collectively the senior team at Industrial Sun has successfully executed multiple gigawatts of project development, power sales, and financings for large-scale power projects.

Industrial Sun is focused on providing power projects that create dramatic cost savings for large energy-using facilities.

“Modern’s experience developing, aggregating, and marketing assets across multiple technologies and regulatory regimes, along with their track record for building novel development platforms from inception to scale, was important to us in looking for a partner,” said Dan Seif. “Modern understands the challenges associated with development. We are confident their world-class operations team will contribute to our success in this competitive environment.”

“This partnership is based on a shared cultural alignment and a long-term orientation, which we believe are necessary to achieve a significant impact on the energy transition,” said Jazib Hasan of Modern Energy. “Today, many developers find themselves with a large and eager universe of buyers ready to purchase and operate portfolios but limited capital to help them build their operation. We act as a bridge between early-stage and operational assets.”

The Modern Energy team leverages deep functional expertise to support the rapid growth and effective market deployment of its portfolio companies. Industrial Sun is already thoroughly engaged in project development activities, including contracting optimal locations for assets, securing necessary permits, de-risking projects through engineering studies, navigating the interconnection process, and securing power offtake agreements.

Modern provides Industrial Sun with world-class commercial, operational, and capital markets support, as it does with its other portfolio development companies.