SunVest Solar, a leading vertically integrated developer of distributed generation renewable energy projects in the U.S., announced today the successful acquisition and project financing of a 50MWdc portfolio of community solar projects in Illinois and Maine.
The Illinois portfolio includes several projects acquired through a Joint Venture Development Agreement with another developer, featuring four projects in Ameren territory. The remaining projects in both Illinois and Maine were developed internally by SunVest. Construction has now begun, with the company aiming to energize all projects by early 2025.
Bram Walters, CEO of SunVest Solar, expressed enthusiasm about the development: “We are thrilled to advance our mission of expanding access to renewable energy across America with these new community solar projects. This achievement underscores our multifaceted strategy of combining self-development with project acquisitions. Today’s announcement is a significant step towards our goal of developing, building, owning, and operating high-quality, long-term assets nationwide.”
The project financing includes a $55 million facility completed with a repeat partner to support construction, adding to the $85 million facility SunVest secured in August 2023.
Notably, the Illinois portfolio features projects located on contaminated land above former coal mines, which will be restored and converted to support pollinator-friendly seed mixes and agrivoltaic purposes. The Maine projects are situated in the northeastern corner of the continental U.S.
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