Standard Solar Acquires 84-Megawatt Community Solar Portfolio in Illinois

Rays Power Infra Acquires 520 MW Solar Projects In Gujarat, Assam

US-based commercial and community solar developer Standard Solar announced the acquisition of an 84-megawatt community solar portfolio in Illinois. The portfolio consists of three sets of community solar gardens in Illinois including six sites with a capacity of approximately 47 MW, four sites totaling 12 MW, and four sites representing 25 MW. According to the press release by the company, The combined capacity of these 14 projects will significantly contribute to Illinois’ renewable energy generation goals of 100% clean energy by 2050, reducing greenhouse gas emissions.

Standard Solar purchased the milestone portfolio from developer New Leaf Energy. Illinois, the fifth most populous state in the US, has been focusing on a carbon-free future promoting clean energy expansion while bolstering its economic growth.

“New Leaf Energy is proud to work with a great partner like Standard Solar to deliver clean energy to customers throughout Illinois,” said Ryan Bailey, Vice President of Development for the Midwest at New Leaf Energy. He also noted, “New Leaf has made a long-term commitment to the state of Illinois thanks to the state’s ambitious clean energy targets, and we are excited to continue building long-term relationships with local communities to diversify their energy sources and bring additional revenue into their local economies.”

“Closing on this sizeable portfolio exemplifies Standard Solar’s capability to excel even in a demanding economic landscape,” said Mike Streams, Chief Development Officer at Standard Solar. He further added, “In an industry where such deals often pose challenges and consume substantial time, our collaboration with New Leaf Energy has been remarkably smooth, thanks to the dedicated transaction teams on both sides. Our relationship with New Leaf Energy is built on mutual goals, and we eagerly anticipate many more successful deals together.”

According to a report by Wood Mackenzie, the US installed 6.5 GW of solar projects in the third quarter of 2023 denoting a 35 percent Year-Over-Year increase and a one percent increase from the previous quarter respectively.