Case Study: 18 PJM acquisition targets in two hours with iQueue | REplace Insights
How a U.S. solar and BESS M&A team used iQueue to move from reactive, broker-led sourcing to a proactive PJM shortlist of 18 developers, with one project now under exclusivity.
← All insights Case Study · May 2026 · Reading time · 5 min
Queue hunting / Proactive project sourcing
How a U.S. solar and BESS developer identified 18 acquisition targets from the PJM interconnection queue in two hours
A small M&A team rebuilt its sourcing motion around iQueue, moving from broker-led inbound packages to a focused shortlist of developers behind specific PJM projects.
Profile
A 5 to 10 person M&A and BD team focused on PJM. Evaluates 100 to 150 inbound packages per year, representing an estimated 5 to 15 GW of potential solar and BESS capacity. Wants to source proactively but has been limited by manual queue research. Recognizes that the best deals come bilateral, not through advisors and brokers.
The team evaluated 100 to 150 inbound deal packages per year to find 3 to 5 acquisitions worth pursuing. The volume was manageable, but the process was reactive. By the time a project reached their desk, it had already been through a broker and had competitors. The most attractive early-stage projects in the queue had not been marketed yet.
Approach What they did with iQueue
They used iQueue to build a proactive PJM outreach list rather than waiting for brokered opportunities to arrive.
First, they narrowed the PJM queue to solar and BESS projects that matched their acquisition criteria: the right PJM zones, relevant technology types, suitable development stage, and credible COD windows.
Because iQueue brings scattered project data into a single, easy-to-use platform with verified queue context and project signals, the team can quickly move from a broad PJM market view to a focused set of projects worth reviewing. iQueue also enabled them to evaluate multiple projects against each other and compare projects across multiple inputs in ways that would have previously been far more complex and time-consuming.
Then they used iQueue to unmask the project owner from the SPV shell and identify the actual developer behind each project.
Within two hours, they had a shortlist of 18 developers to approach directly, each tied to specific projects, queue position, interconnection cost signals, and project context.
Outcome Result
That list became the basis for bilateral outreach, direct conversations with developers before any broker was involved. Three conversations led to further diligence. One is now under exclusivity.
iQueue did more than identify the actual developer behind each project. It streamlined the entire sourcing process, helping the team save significant time, effort, and resources across research, qualification, and outreach planning.
"We used to work from what came across our desk. Now we start with a shortlist of developers and specific projects we already have a view on. The conversations are completely different."
Head of M&A, a U.S. renewable developer
How a U.S. solar and BESS developer identified 18 acquisition targets from the PJM interconnection queue in two hours
A small M&A team rebuilt its sourcing motion around iQueue, moving from broker-led inbound packages to a focused shortlist of developers behind specific PJM projects.
Profile
A 5 to 10 person M&A and BD team focused on PJM. Evaluates 100 to 150 inbound packages per year, representing an estimated 5 to 15 GW of potential solar and BESS capacity. Wants to source proactively but has been limited by manual queue research. Recognizes that the best deals come bilateral, not through advisors and brokers.
The team evaluated 100 to 150 inbound deal packages per year to find 3 to 5 acquisitions worth pursuing. The volume was manageable, but the process was reactive. By the time a project reached their desk, it had already been through a broker and had competitors. The most attractive early-stage projects in the queue had not been marketed yet.
Approach
What they did with iQueue
They used iQueue to build a proactive PJM outreach list rather than waiting for brokered opportunities to arrive.
First, they narrowed the PJM queue to solar and BESS projects that matched their acquisition criteria: the right PJM zones, relevant technology types, suitable development stage, and credible COD windows.
Because iQueue brings scattered project data into a single, easy-to-use platform with verified queue context and project signals, the team can quickly move from a broad PJM market view to a focused set of projects worth reviewing. iQueue also enabled them to evaluate multiple projects against each other and compare projects across multiple inputs in ways that would have previously been far more complex and time-consuming.
Then they used iQueue to unmask the project owner from the SPV shell and identify the actual developer behind each project.
Within two hours, they had a shortlist of 18 developers to approach directly, each tied to specific projects, queue position, interconnection cost signals, and project context.
Outcome
Result
That list became the basis for bilateral outreach, direct conversations with developers before any broker was involved. Three conversations led to further diligence. One is now under exclusivity.
iQueue did more than identify the actual developer behind each project. It streamlined the entire sourcing process, helping the team save significant time, effort, and resources across research, qualification, and outreach planning.
"We used to work from what came across our desk. Now we start with a shortlist of developers and specific projects we already have a view on. The conversations are completely different."