SunVest Solar provides financing and acquisition for a community solar portfolio of over 50 MW in Illinois and Maine

SunVest Solar, a leading vertically integrated developer of distributed generation renewable energy projects in the United States, announced the successful acquisition and project financing for a portfolio of on-site solar projects in Illinois and Maine totaling more than 50 MWdc.

The Illinois portfolio includes several projects acquired under a Joint Venture Development Agreement with another developer, including four projects in Ameren’s territory. The remaining projects in Illinois and all projects in Maine were developed internally by the SunVest team. Construction of the portfolio has started and all projects are expected to be launched in early 2025.

“We are excited to advance our mission of increasing access to renewable energy in America through these new community solar projects,” said Bram Walters, CEO of SunVest Solar. “This milestone confirms our multi-dimensional development strategy, including self-development and project acquisition. Today’s announcement confirms our goal to develop, construct, own and operate high-quality, long-term assets across the country.”

Project financing includes an additional $55 million loan secured by a permanent partner to support the implementation of these projects. This is in addition to the $85 million credit facility that SunVest secured in August 2023.

Notably, Illinois’ portfolio includes several projects built on contaminated land above closed coal mines. These areas will be restored and reclaimed using pollinator-friendly seed mixtures and used for agrovoltaic purposes. Maine projects are located in the northeastern corner of the continental United States

This strategic move by SunVest Solar underscores its commitment to increasing access to renewable energy and promoting sustainable land use practices throughout the United States.

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