Washington DC-based Sol Systems, a solar finance and development company acquired a 540 MW solar portfolio in southeast Illinois from US renewable energy company Arevon Energy.
The portfolio – under development – consists of three 180 MW solar energy projects across Hamilton, Randolph, Saline, and White counties. Sol Systems will own and operate the portfolio and work with energy developer Tenaska to develop and construct the projects.
The financial details of the deal were not disclosed. Upon completion, the portfolio will produce enough solar energy per year to power nearly 77 thousand homes.
“This acquisition begins Sol Systems’ significant expansion into utility-scale solar development in Illinois,” said Patty Rollin, Senior Vice President of Utility-Scale Solar Development at Sol Systems. “We are eager to work with Tenaska to construct and deliver clean solar energy to the grid and to create long-term community and ecological benefits at scale,” he added.
“This sale is a continuation of the partnership between Sol Systems and Arevon, which began with our joint venture, Sol Customer Solutions, providing distributed generation solutions to commercial customers. We are pleased to contribute to the growth of clean energy usage in Illinois,” said Justin Johnson, Arevon’s chief operating officer.
In September 2020, Helios Infrastructure, a joint venture between Nationwide and Sol Systems, acquired a 50 MW solar project located in West Baton Rouge Parish, and it is now owned and operated by Helios.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, over 68 GW of solar projects were acquired in 2021.
In 2021, project developers and independent power producers were the most active acquirers of large-scale projects.