Standard Solar Acquires 84-Megawatt Community Solar Portfolio in Illinois to Propel State’s Clean Energy Goals

In a significant move towards advancing Illinois’ renewable energy objectives, Standard Solar, a prominent commercial and community solar developer and asset owner, has announced the acquisition of an 84-megawatt community solar portfolio in the state. This substantial addition to Illinois’ renewable energy infrastructure is poised to play a pivotal role in the state’s commitment to achieving 100% clean energy by 2050, marking a significant stride towards reducing greenhouse gas emissions and fostering a more sustainable energy landscape.

The newly acquired portfolio comprises three sets of community solar gardens across Illinois, with a combined capacity of 84 megawatts spread across 14 projects. Construction for these projects is slated to commence in 2024, with most expected to be completed by the end of the year, while the remaining ones are anticipated to come online in 2025.

Standard Solar procured this milestone portfolio from developer New Leaf Energy, underscoring their shared dedication to expanding access to clean energy across communities in Illinois. Mike Streams, Chief Development Officer at Standard Solar, emphasized the smooth execution of the transaction despite challenges posed by the economic landscape, attributing it to the collaborative efforts of both organizations’ transaction teams.

Ryan Bailey, Vice President of Development for the Midwest at New Leaf Energy, expressed pride in the partnership with Standard Solar and highlighted the long-term commitment to Illinois’ clean energy targets. He reiterated the importance of fostering relationships with local communities to diversify energy sources and stimulate economic growth.

Community solar programs, recognized as one of the fastest-growing sectors in the renewable energy industry, offer locally produced, affordable clean energy to residential and commercial consumers. Standard Solar’s community solar projects are poised to deliver a range of benefits to local communities, including job creation, reduced energy costs, and increased access to clean energy options.

Harry Benson, Director of Business Development at Standard Solar, emphasized the company’s strong position in the community solar market and its dedication to advancing Illinois’ solar industry with the acquisition of this extensive portfolio. He highlighted the significant cost savings and environmental benefits that these community solar projects would offer to customers, particularly those with lower to moderate incomes.

Community solar presents an inclusive avenue for consumers to leverage the advantages of clean solar energy without the need for individual solar panel installations. Participants enroll in a solar project and receive credits on their monthly bills based on the power generated by the project, seamlessly integrating clean energy into the grid.

Illinois, known for its commitment to a carbon-free future, is at the forefront of community solar initiatives, prioritizing equity for historically disadvantaged communities and driving clean energy expansion to bolster economic growth.

With this acquisition, Standard Solar and New Leaf Energy strengthen their partnership and underscore their commitment to driving positive environmental change through renewable energy initiatives.