Adapture Renewables, a utility-scale solar and energy storage project developer, announced the acquisition of three solar power projects totaling 450 MWdc/ 333 MWac in MISO territory in Illinois and Arkansas from Tyr Energy Development (TED) Renewables.
All three acquired projects are currently in the pre-notice-to-proceed stage, with anticipated commercial operation dates slated for 2025 and 2026.
Once operational, the projects will add more than double Adapture Renewables’ portfolio of operating assets to a total of ~800 MWdc. Together, these projects will generate enough clean energy to power more than 72,000 homes annually and help avoid the CO2 emissions equivalent of 121,432 gas-powered cars driven for one year.
“Over the last five years, TED Renewables has successfully executed three exceptional projects, and we are thrilled Adapture Renewables will carry them forward to completion,” said Robert Shanklin, the President and CEO of TED Renewables.
“These project acquisitions bolster our company’s mission to expand clean energy solutions and drive sustainability in the power generation sector,” said Christina Conrad, Senior Director of M&A at Adapture Renewables. “As we continue to grow, expanding into new markets presents an exciting opportunity to serve new communities, meet the need for clean energy, and deliver affordable electricity.”
According to the Solar Energy Industry Association, Illinois and Arkansas rank in the top third of U.S. states for megawatt growth projections over the next five years.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.
Sunlight Energy Investments, a subsidiary of Genie Energy, a retail and renewable energy solutions firm, recently announced that it had acquired a portfolio of 12 operating solar arrays totaling 9.4 MWdc from the project developer.
