SunVest Solar, a leading developer in distributed generation renewable energy, announced the acquisition of a portfolio of late-stage development projects in Illinois. The portfolio, which totals over 60 megawatts (MWdc), consists of 10 community solar projects located in both ComEd and Ameren service areas.
The projects were initially advanced by an independent developer before being sold to SunVest, which will now complete their development. The first projects are expected to reach completion by late 2024, with construction and initial energizations planned for 2025.
“We are thrilled to close this portfolio acquisition in our core Illinois Community Solar market, which demonstrates our ability to partner with earlier-stage developers to bring projects into operation,” said Bram Walters, CEO of SunVest Solar. “This portfolio further validates our multi-dimensional strategy, which combines self-development with acquisitions of high-quality, long-term solar assets.”
SunVest Solar funded the acquisition with cash-on-hand, while development and construction will be financed through existing facilities. Notably, several projects in the portfolio are located in designated Energy Communities, including a landfill site. SunVest also plans to incorporate pollinator-friendly seed mixes and agrivoltaic practices at several project sites, continuing its commitment to sustainable land use.
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