Arena Renewables, a community and distributed solar and storage project developer, announced the sale of the 40 MW Illinois solar project portfolio to Summit Ridge Energy, a commercial solar project developer.
The Illinois portfolio consists of six solar projects and is expected to reach commercial operation over the next year. The acquisition is expected to expand Summit Ridge’s footprint in the Midwest and further its mission to provide affordable, American-made energy to local communities.
“This acquisition aligns perfectly with our strategy to lead the commercial solar market while supporting investment in the economic development of the U.S.,” said Garren Bischoff, SVP for Business Development of Summit Ridge Energy.
Arena Renewables said it has a pipeline of more than 800 MW in select markets across the United States.
“We are proud to work with Summit Ridge Energy on this transaction, which will bring significant domestic energy benefits to communities across Illinois,” said Matthew Kozey, CEO and Co-Founder of Arena Renewables. “We look forward to continuing to drive the growth of solar energy projects across the country,” Carson Weinand, Director of Development at Arena Renewables added, “The team is thrilled for this portfolio to commence construction after eighteen months of diligence and development with local partners. We’ll be excited when they start generating energy for use across Illinois.”
According to Mercom’s Q1 2025 Solar Funding and M&A report, about 13.6 GW of solar projects were acquired in Q1 2025 compared to 10.8 GW in Q1 2024.
Earlier in May, Thrive Renewables, a renewable energy investment company, announced the acquisition of the 14 MW Dunmow solar project in Essex, U.K., from PS Renewables, a renewable energy project developer. The construction of the project is completed, and commercial operation is expected to begin in May.
