“SunVest Solar seals deals for 50MW community solar in IL & ME”

By Oliver Townsend Jun 17, 2024
SunVest Solar Secures Financing and Acquisition for Over 50MW Community Solar Portfolio in Illinois and Maine.pngOrginal image from: https://solarquarter.com/2024/06/17/sunvest-solar-secures-financing-and-acquisition-for-over-50mw-community-solar-portfolio-in-illinois-and-maine/

SunVest Solar, a prominent developer of renewable energy projects in the United States, has recently secured financing and acquisition for a substantial community solar portfolio in Illinois and Maine, totaling over 50MWdc. This milestone marks a significant step forward in the company’s mission to expand renewable energy access across America. With construction already underway, these projects are expected to be operational by early 2025.

Acquisition and Financing Details

The Illinois portfolio, comprising four projects in Ameren territory, was acquired through a Joint Venture Development Agreement. SunVest Solar’s team internally developed the remaining projects in Illinois and all projects in Maine. This strategic move reinforces the company’s commitment to cultivating sustainable land use practices by repurposing contaminated land and promoting renewable energy access.

Project Financing and Expansion

In addition to securing a $55 million facility to support construction, SunVest Solar has partnered with key stakeholders to bolster its financing for these projects. This financial backing builds upon the $85 million facility acquired in August 2023, demonstrating the company’s dedication to developing, owning, and operating high-quality renewable energy assets nationwide.

Environmental Impact and Sustainability

A noteworthy aspect of the Illinois portfolio is the transformation of sites located above shuttered coal mines into pollinator-friendly spaces for agrivoltaic purposes. This innovative approach to repurposing land underscores SunVest Solar’s commitment to sustainable practices and environmental stewardship. The Maine projects, situated in a strategic geographic location, further exemplify the company’s dedication to expanding renewable energy access.

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