SunVest Solar, a leading vertically integrated developer of distributed generation renewable energy projects in the United States, announced the successful acquisition and project financing for a portfolio of community solar projects in Illinois and Maine, totaling over 50MWdc.
The Illinois portfolio includes several projects acquired through a Joint Venture Development Agreement with another developer, encompassing four projects in Ameren territory. The remaining projects in Illinois and all projects in Maine were internally developed by the SunVest team. Construction on the portfolio has begun, with all projects expected to be operational by early 2025.
“We are thrilled to advance our mission of cultivating access to renewable energy for America through these new community solar projects,” said Bram Walters, CEO of SunVest Solar. “This milestone validates our multi-dimensional origination strategy involving self-development and project acquisitions. Today’s announcement furthers our goal to develop, build, own, and operate high-quality, long-term assets across the country.”
The project financing includes an additional $55 million facility, secured with a repeat partner to support the construction of these projects. This adds to the $85 million facility that SunVest secured in August 2023.
Notably, the Illinois portfolio includes several projects built on contaminated land above shuttered coal mines. These sites will be restored and recultivated with pollinator-friendly seed mixes and used for agrivoltaic purposes. The Maine projects are located in the northeast corner of the continental U.S.
This strategic move by SunVest Solar underscores its commitment to expanding renewable energy access and promoting sustainable land use practices across the United States.
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