project finance brief

Savion, a utility-scale solar and energy storage project developer, announced the completion of the 150 MW Cass County Solar Project sale to Ameren Missouri, an electric power utility company.

Located near Beardstown, Illinois, and spanning about 1,700 acres, the construction of the solar project began in June 2023 and is anticipated to be completed by the end of 2024. Up to 330,000 solar modules are expected to be utilized in the project.

Once operational, the project will supply electricity to the Midcontinent Independent System Operator (MISO) power grid. Savion expects to generate enough clean energy to power approximately 27,500 households annually.

Savion obtained permit approval for the project in 2020. Ameren Missouri received approval for the transaction from the Missouri Public Service Commission in June 2024.

“We extend congratulations and gratitude to our partner, Ameren Missouri, for the dedication to making Cass County Solar Project a reality,” said Nick Lincon, president of Savion. “It has been an exciting journey that required focused collaboration across both organizations to complete development on Savion’s first utility-scale solar project in Illinois. Our sincere appreciation to the local community, landowners, and stakeholders for their support,” added Nick Lincon.

According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a quarter-over-quarter comparison, 13.7 GW of solar projects were acquired in Q4 2023.

Last week, Q ENERGY, a solar, energy storage, and wind project developer, announced the sale of a 33 MW Whinfield Solar Project near Darlington in Northeast England to AlphaReal, an assets investment manager. Once operational, Q Energy expects the Whinfield project to generate clean electricity enough to power over 8,700 households in the U.K. The project, currently under construction, will have around 60,000 ground-mounted solar modules.