Option Period: During the Option Period, which typically lasts 2-5 years, though we hope to conclude sooner, ICAST will conduct extensive engineering, environmental, and interconnection tests, as well as begin to obtain the necessary permits and approvals. ICAST will spend considerable funds on performing these tests and obtaining approvals. We take all the risk by spending funds that may yield nothing, letting the landowner explore their Community Solar options risk-free. If the project does not launch at the end of the Option Period, all rights ICAST holds under the Option Agreement revert to the landowner, and all funds spent for studies are our cost of doing business and have no implications for you.
Exercise Contract: If it all works during the Option Period, the Contract will go into effect. ICAST will retain land rights, and begin construction and installation of the Community Solar Farm.
Lease/Sale: If the Land Contract is a Lease Agreement, it will be concurrent with a Power Purchase Agreement, typically 20-25 years in length, allowing for long-term steady income-producing leases. If the Land Contract is a Purchase/Sale Contract, ICAST will pay the owner for the land per the agreed upon terms.