US developer Standard Solar has acquired an 84MW solar portfolio in Illinois.
The combined capacity of these 14 projects will significantly contribute to the state’s renewable energy generation goals of 100% clean energy by 2050 said the company.
The portfolio consists of three sets of community solar gardens in Illinois, comprising six sites with a capacity of approximately 47MW, four plants totalling 12MW and four arrays representing 25MW.
Construction is scheduled to commence in 2024, and most of the schemes are projected to be finished by the year’s end, with the remaining ones anticipated to be completed in 2025.
Standard Solar purchased the milestone portfolio from developer New Leaf Energy.
“Closing on this sizeable portfolio exemplifies Standard Solar’s capability to excel even in a demanding economic landscape,” said chief development officer at Standard Solar Mike Streams.
“In an industry where such deals often pose challenges and consume substantial time, our collaboration with New Leaf Energy has been remarkably smooth, thanks to the dedicated transaction teams on both sides.
“Our relationship with New Leaf Energy is built on mutual goals, and we eagerly anticipate many more successful deals together.”
Standard Solar’s community solar projects bring various benefits to local communities, including job opportunities, reduced energy costs for subscribers and increased access to clean energy options.
Including these portfolios, Standard Solar and New Leaf Energy have collaborated on 20 projects in three states, reinforcing their solid and enduring partnership while showcasing their unwavering commitment to promoting positive environmental transformation.