Luxcara Secures Financial Close for 315.7 MW Solar Portfolio

Standard Solar, a company specializing in developing and financing solar energy systems, announced the acquisition of an 18.5 MW solar project portfolio in Vermont from MHG Solar, a solar project developer.

The portfolio consists of six solar projects, all owned and operated by Standard Solar, and will provide clean energy to Vermont’s electric utilities under the state’s Standard Offer Program.

The projects include Evergreen Solar, 2.9 MW in Fair Haven; Halladay Solar, 3.3 MW in Middlebury; Midway Solar, 3.3. MW in Berlin; Steinberg Solar, 3.3 MW in Brandon; Stone Mill Solar, 2.8 MW in Castleton; and Trolley Tracks Solar, 2.8 MW in Poultney. All the solar projects are expected to be completed by the end of 2024.

“We are thrilled to be taking this significant step forward in the Vermont solar market with our long-term partner MHG Solar,” said Eric Partyka, Director of Business Development, Standard Solar. “We firmly believe in the transformative power of solar energy, and this acquisition allows us to play a vital role in helping Vermont achieve its renewable energy targets. We are fully committed to partnering with the local authorities and stakeholders to ensure a seamless integration of these solar projects into the existing energy infrastructure.”

The company recently 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.

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.