Sol Systems, a solar finance and development company, announced the acquisition of over 2 GW of utility-scale hybrid solar and storage projects across the Midwest from Tenaska, the Omaha-based energy company. The portfolio spans multiple states within the Midwest. The projects, each exceeding 100 MW, are expected to reach commercial operation between 2028 and 2029.
Tenaska will continue its collaboration with Sol through the construction of these projects, after which Sol plans to build, own, and operate them. The financial details of the transaction are not disclosed.
The acquisition is part of Sol’s strategic growth plan to scale its renewable energy infrastructure business.
“We are thrilled to expand our relationship with Tenaska and build on the success we’ve achieved in previous projects, including Eldorado Phase I and Eldorado Phase II,” said Matt Strangfeld, Vice President of Development Strategy for Sol Systems. “These projects are a significant step forward in our mission to provide clean, reliable energy while positively impacting communities. Our Infrastructure + Impact strategy ensures that our growth benefits the environment and the communities we serve.”
Tim Hemig, Senior Vice President of Tenaska Development, commented, “Our ongoing collaboration with Sol Systems highlights our shared vision of delivering high-impact renewable energy solutions. Together, we are advancing the clean energy transition in a way that aligns with our commitment to environmental stewardship and community engagement.”
In June, Sol Systems also secured $85 million in debt financing from Macquarie Asset Management, a global asset manager for the construction and development of five utility-scale solar projects in Illinois and Ohio.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW were announced in 1H 2024 compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
This week, OX2, a solar and energy storage project developer, entered into an agreement to sell a 119 MWac solar project in Victoria, Australia, to an undisclosed buyer. OX2 will manage the construction of the project on behalf of the buyer. The project is expected to be operational in 2027.
