SunVest Closes Portfolio Acquisition, Begins Construction on Illinois and Maine Community Solar Projects
Closing includes self-developed and acquired projects under two financings totaling $140 million
Chicago, Illinois (June 10, 2024) – – SunVest Solar, one of the largest vertically integrated developers of distributed generation renewable energy projects in the United States, announced today it has closed the acquisition and project financing for a portfolio of community solar projects in Illinois and Maine totaling over 50MWdc.
Several projects in the Illinois portfolio were acquired through a Joint Venture Development Agreement with another developer, including four projects in Ameren territory. The remaining projects in Illinois and Maine were developed internally by the SunVest team. SunVest has commenced construction on the portfolio and expects to energize all of the projects 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 and long-term assets across the country.”
The project financing includes an additional $55 million facility, completed with a repeat partner to support the construction of these projects. Today’s announcement adds to the $85 million facility which SunVest secured in August 2023.
The Illinois portfolio includes several projects built on contaminated land above shuttered coal mines; the sites will be restored and recultivated with pollinator-friendly seed mixes and used for agrivoltaic purposes. The Maine sites are located at the northeast corner of the continental US.
About SunVest Solar, LLC
SunVest is a leading national developer of distributed generation solar and battery storage infrastructure, community solar gardens, commercial/industrial and utility-scale energy projects. SunVest has developed 400 megawatts of distributed solar and is advancing a development pipeline of more than two gigawatts in 17 states.