Washington, D.C., Feb. 01, 2022 (GLOBE NEWSWIRE) — Today, Washington, DC.-based Sol Systems, LLC, announced the acquisition of a 540-megawatt (MW) solar development portfolio in southeast Illinois from Arevon Energy. The portfolio is one of a number of acquisitions Sol Systems is making to scale its Impact + Infrastructure platform across the US.
The portfolio consists of three 180 MWdc solar energy projects located across Hamilton, Randolph, Saline, and White counties. Sol Systems will own and operate the portfolio and will work with energy developer Tenaska to develop and construct the projects. In addition to delivering clean energy locally, Sol Systems will develop and operate the projects in a manner intended to enable local employment opportunities and additional community benefits. Once complete, the portfolio will produce enough solar energy per year to power nearly 77 thousand homes and offset the equivalent of nearly 140 thousand passenger vehicles’ emissions.
“This acquisition begins Sol Systems’ significant expansion into utility-scale solar development in Illinois,” said Patty Rollin, Senior Vice President of Utility-Scale Solar Development at Sol Systems. “We are eager to work with Tenaska to construct and deliver clean solar energy to the grid and to create long-term community and ecological benefits at scale.”
“This sale is a continuation of the partnership between Sol Systems and Arevon, which began with our joint venture, Sol Customer Solutions, providing distributed generation solutions to commercial customers. We are pleased to contribute to the growth of clean energy usage in Illinois,” said Justin Johnson, Arevon’s chief operating officer.
“The Tenaska team has been excited about solar development in southeast Illinois since the inception of these projects,” said Steve Johnson, Tenaska senior vice president of development. “We are eager to continue moving forward in collaboration with Sol Systems and bringing the associated project benefits – jobs, tax revenue, landowner lease payments and other economic opportunities – to the region.”
About Sol Systems
Sol Systems is a leading national solar energy firm with an established reputation for integrity and reliability across its development, infrastructure, and environmental commodity businesses. To date, Sol has developed and/or financed over 1 GW of solar projects valued at more than $1 billion for Fortune 100 companies, municipalities, counties, utilities, universities, and schools and provides services to nearly 18,000 customers across the US. The company was founded in 2008, is based in Washington, D.C., and is led by its founder. Sol Systems works with its team, partners, and clients to create a more sustainable future we can all believe in. For more information, visit https://www.solsystems.com
Arevon Energy, Inc. is a leading renewable energy company with roots as one of the largest renewable asset managers in the United States. Arevon’s financial prowess and industry expertise come together to improve the structure and performance of clean energy assets across North America. Headquartered in Scottsdale, Ariz., and New York City, Arevon uses innovative approaches and leading-edge technology to provide commercial, financial, performance asset management, and construction services to nearly 10 GWac of renewable energy assets delivering clean energy to utilities and corporations. For more information, please visit: www.arevonenergy.com
Tenaska is one of the leading independent energy companies in the United States, with a reputation for high standards and expertise in natural gas and electric power marketing, energy management, development and acquisition of energy assets, and operation of generating facilities. Forbes magazine consistently ranks Tenaska among the 50 largest private U.S. companies. Gross operating revenues were $7.7 billion in 2020.
Tenaska has developed, managed and/or operated approximately 22 gigawatts (GW) of natural gas-fueled and renewables generation. Its development portfolios include nearly 22 GW of solar, wind and energy storage projects. The current Tenaska operating fleet includes 7.5 GW of generating facilities.
More information is available at www.tenaska.com.