US solar developer Sol Systems has acquired a 540MW portfolio of PV plants in Illinois from renewable asset manager Arevon Energy.
Comprising three plants, each with a capacity of 180MWdc, the portfolio will be owned and operated by Sol Systems, which will work alongside energy company Tenaska to develop and construct the projects.
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“This acquisition begins Sol Systems’ significant expansion into utility-scale solar development in Illinois,” said Patty Rollin, Sol Systems’ senior vice president of utility-scale solar development.
The developer last year formed a strategic partnership with KKR, as the investment firm pledged to commit up to US$1 billion to acquire shovel-ready projects, helping fund Sol Systems’ development of contracted renewables storage assets across North America.
Its expansion in Illinois comes after the state passed legislation last year that will commit it to reaching 50% renewables by 2040 and 100% carbon-free electricity by 2045. The bill is expected to support the construction of more than 4GW of utility-scale PV and 5.8GW of rooftop and community solar by 2030, according to the Solar Energy Industries Association.
Arevon Energy was created last year when Capital Dynamics span out its US clean energy infrastructure arm and merged it with asset management firm Arevon.