Standard Solar, a solar energy company specializing in developing and financing solar electric systems, acquired an 84 MW community solar portfolio in Illinois from New Leaf Energy. The portfolio consists of three sets of community solar gardens in Illinois: six sites with a capacity of approximately 47 MW, four sites totaling 12 MW, and four sites representing 25 MW.
The solar projects are scheduled to begin construction in 2024, and most of the projects are projected to be finished by the year’s end, with the remaining ones anticipated to be completed in 2025.
“Closing on this sizeable portfolio exemplifies Standard Solar’s capability to excel even in a demanding economic landscape,” said Mike Streams, Chief Development Officer at Standard Solar. “In an industry where such deals often pose challenges and consume substantial time, our collaboration with New Leaf Energy has been remarkably smooth, thanks to the dedicated transaction teams on both sides. Our relationship with New Leaf Energy is built on mutual goals, and we eagerly anticipate many more successful deals together.”
The combined capacity of these 14 projects is expected to be a significant contributor to Illinois’ renewable energy generation goals of 100% clean energy by 2050.
“New Leaf Energy is proud to work with a great partner like Standard Solar to deliver clean energy to customers throughout Illinois,” said Ryan Bailey, Vice President of Development for the Midwest at New Leaf Energy. “New Leaf has made a long-term commitment to the state of Illinois thanks to the state’s ambitious clean energy targets, and we are excited to continue building long-term relationships with local communities to diversify their energy sources and bring additional revenue into their local economies.”
In December 2023, the company also acquired a 9.9 MW behind-the-meter solar project named ‘Bluebonnet’ in Texas from EDF Renewables North America.
According to Mercom’s Annual and Q4 2023, Solar Funding and M&A report shows 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.
