Washington DC-based Sol Systems, a solar finance and development company, acquired the 91 MW Grandview solar project in Spencer County, Indiana, from Orion Renewable Power Resources, a joint venture between Orion Renewable Energy Group and Eolian.
The project is a part of Sol Systems Impact + Infrastructure growth strategy.
Sol Systems will develop, own, and operate the project. Upon completion, the project is expected to generate enough solar energy to power over 13,000 homes annually.
“This acquisition builds on Sol Systems’ significant footprint in the Midwest,” said Yuri Horwitz, CEO of Sol Systems.
“We are very appreciative of the support we received in Spencer County from the Lincoln land Economic Development Corporation, the County Council, the County Planning Commission, and the County Commissioners. Their openness to our project, along with the County’s business-friendly climate, demonstrates its commitment to growth by recruiting new industries, including solar energy,” said Justin Wolf, Director of Development at Orion Renewable Energy Group.
“The Grandview project will improve regional electric grid resiliency and reliability by adding pollution-free resources during peak hours that coincide with high consumer demand on the hottest and sunniest days when the system is increasingly at risk, said Aaron Zubaty, CEO of Eolian.
In February 2022, Sol Systems 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.
Recently, Octopus Renewables Infrastructure Trust acquired the 68 MW Breach solar ready-to-build project in Cambridgeshire, UK, from AGR Renewables. The total cost of acquisition and construction of the project is expected to be approximately $61 million.
Large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021, according to Mercom’s Q1 2022 solar funding and M&A report.