Standard Solar, a leading commercial and community solar developer and asset owner, today (Feb 12) announced the acquisition of an 84-megawatt community solar portfolio in Illinois. The combined capacity of these 14 projects will significantly contribute to Illinois' renewable energy generation goals of 100% clean energy by 2050, reducing greenhouse gas emissions and advancing a more sustainable energy landscape.
The portfolio consists of three sets of community solar gardens in Illinois: six sites with a capacity of approximately 47 MW, four sites totaling 12 MW, and four sites representing 25 MW. Construction is scheduled to commence in 2024, and most of the projects 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. The partnership between the two companies is a testament to their dedication to expanding clean energy access to communities throughout Illinois.
"Closing on this sizeable portfolio exemplifies Standard Solar's capability to excel even in a demanding economic landscape," said Mike Streams, Chief Development Officer at Standard Solar. "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."
"New Leaf Energy is proud to work with a great partner like Standard Solar to deliver clean energy to customers throughout Illinois," said Ryan Bailey, Vice President of Development for the Midwest at New Leaf Energy. "New Leaf has made a long-term commitment to the state of Illinois thanks to the state's ambitious clean energy targets, and we are excited to continue building long-term relationships with local communities to diversify their energy sources and bring additional revenue into their local economies."
Community solar programs represent one of the fastest-growing sectors within the renewable energy industry, delivering locally produced, affordable clean energy to both residences and businesses. 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.
"With the acquisition of this extensive portfolio, Standard Solar takes a commanding position in the community solar market and demonstrates our commitment to Illinois' growing solar industry," said Harry Benson, Director of Business Development, Standard Solar. "These community solar projects will empower customers, especially those with lower to moderate incomes, to realize significant cost savings on their electricity bills, all while contributing to the growth of renewable energy and advancing Illinois' ambitious clean energy objectives."
Community solar offers an inclusive path for all customers to harness the advantages of clean solar energy without the need for personal solar panel installations. Participants enroll in a solar project and receive credits on their monthly bills based on the power generated by the project. The energy generated by these community solar projects seamlessly integrates into the grid, enhancing the overall energy supply.
Illinois, the fifth most populous state in the nation, has a strong commitment to a carbon-free future and is leading the way in community solar programs, prioritizing equity for historically disadvantaged communities, promoting clean energy expansion and bolstering its economic growth.
"Amidst a year of record-breaking temperatures and rising energy costs in the state, Illinois is providing its residents a clear path to clean, affordable energy for a more sustainable future," added Benson.
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.
About Standard Solar
Standard Solar is powering the nation's energy transformation - channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar and solar + storage to businesses and institutions, farms, governments, communities, and utilities. Building on 20 years of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in developing, funding and long-term ownership and operation of commercial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 350 megawatts of solar across the United States. Based in Rockville, Maryland, Standard Solar is a portfolio company of Brookfield, one of the world's largest owners and operators of renewable power and climate transition assets. Learn more at standardsolar.com, LinkedIn and on X (formerly known as Twitter): @StandardSolar.
For project acquisition and development inquiries, contact Harry Benson, Director of Business Development, at harry.benson@standardsolar.com and on LinkedIn.
Contacts
Leah Wilkinson
Wilkinson + Associates for Standard Solar
leah@wilkinson.associates
703-907-0010
