US solar developer Standard Solar has acquired an 84MW community solar portfolio in the US state of Illinois, at which it plans to begin construction this year.
The company purchased the portfolio from fellow US firm New Leaf Energy, and comprises three sets of community solar gardens in the state. The first set consists of six projects with a capacity of 47MW, the second four sites with 25MW of capacity and the third another four sites with a combined capacity of 12MW. Standard Solar expects to finish construction at the majority of the projects by the end of this year, and complete the remaining farms next year, but did not specify which would be completed as a priority.
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“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.”
The deal is the latest in the high-potential Illinois solar sector, which the Solar Energy Industries Association (SEIA) expects to add 7.6GW of new capacity over the next five years, the eighth-most among the US states. Communities in the state can also benefit from the Illinois Shines project, a state-funded initiative to support the development of new small-scale solar installations, including community solar, which funded solar projects with a combined capacity of 570MW between 2022 and 2023.
The project aims to make good on these capacity allocations, and deploy 400MW of new capacity by the end of the decade, as Illinois looks to meet 100% of its energy demand with renewable power by 2050.
Growing interest in the state’s solar sector has encouraged local energy organisations to launch Solar Power Illinois, an advocacy group for the solar industry in the state, with the Coalition for Community Solar Access among its founding members, putting community solar at the heart of the new body’s work.
Last month, Illinois Solar Energy Association executive director Lesley McCain spoke to PV Tech Premium about the role of the new organisation in the state’s solar sector, as interest in community solar in particular grows. According to its latest figures, published in the third quarter of 2023, the SEIA expects Illinois developers to add more community solar capacity than commercial solar capacity in 2023.
