Sunday, July 21, 2024

SunVest Solar Secures Financing and Acquisition for Over 50MW Neighborhood Solar Portfolio in Illinois and Maine

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Representational picture. Credit: Canva

SunVest Solar, a number one vertically built-in developer of distributed era renewable vitality initiatives within the United States, introduced the profitable acquisition and undertaking financing for a portfolio of photo voltaic initiatives. locally of Illinois and Maine, amounting to greater than 50MWdc.

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The Illinois portfolio contains a number of initiatives acquired via a Joint Venture Development Agreement with one other developer, masking 4 initiatives in Ameren’s territory. The remaining Illinois initiatives and all Maine initiatives have been developed inside the SunVest workforce. Construction of the portfolio has already begun, with all initiatives anticipated to be operational by early 2025.

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“We are excited to advance our mission to develop entry to renewable vitality for America via these new group photo voltaic initiatives,” stated Bram Walters, CEO of SunVest Solar. “This milestone confirms our multi-dimensional supply strategy involving self-improvement and undertaking acquisition. Today’s announcement continues our aim of growing, constructing, proudly owning, and working top quality, long-term property throughout the nation.

Project financing contains a further $55 million facility, secured by a recurring accomplice to assist the development of those initiatives. This is along with the $85 million facility SunVest acquired in August 2023.

Notably, the Illinois portfolio contains a number of initiatives constructed on contaminated land above closed coal mines. These websites might be restored and cultivated with pollinator-friendly seed mixes and used for agrivoltaic functions. The Maine initiatives are positioned within the northeastern nook of the continental US

This strategic transfer by SunVest Solar underscores its dedication to increasing renewable vitality entry and selling sustainable land use practices all through the United States.



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