Allocation accelerates developer group’s national focus on energy independence.
Pewaukee, Wisconsin, January 4, 2022 – SunVest New Energy, LLC, a partnership between SunVest Solar, LLC and New Energy Equity was awarded 37.6 megawatts (AC) of community solar capacity under the Illinois Adjustable Block Program in December. The allocation is the single-largest portfolio awarded to any developer group under Illinois’ Community Solar program.
“This news caps a landmark year for SunVest Solar,” said Kirk Kindred, President of SunVest Solar. “It is an achievement that solidifies this company’s role in the Illinois solar market and positions us for continued growth nationally. We are excited for the next steps.”
The capacity was awarded under a process required in the Climate and Equitable Jobs Act (CEJA), which was signed into law in September. CEJA required the Illinois Power Agency (IPA) to award Community Solar capacity pro-rata to any entity with a project on the Agency’s waitlist. The IPA held a wildly popular lottery for Community Solar capacity in early 2019, selecting 167 MW but leaving over 1300 MW of additional capacity on a waitlist for nearly three years. This week’s actions begin clearing that waitlist and sets the stage for the next round of the program.
“This initial portfolio awarded to SunVest New Energy will have a tremendous impact on Illinois’ clean energy economy, said New Energy Equity’s Co-founder, President, and CEO, Matt Hankey. “These community solar projects will provide clean energy to residents, businesses, and municipalities throughout Illinois. We are thrilled to continue New Energy’s mission of increasing access to renewable energy for all communities.”
Market participants have until mid-March to notify the IPA about projects they intend to build from their portfolio. SunVest New Energy is a partnership between the two companies, and they jointly own a pipeline of projects across the state, ranging from the northern counties along the Wisconsin border to sites in deep southern Illinois.
The joint venture between SunVest and New Energy Equity was formed in 2017 in order to jointly pursue the community solar market in Illinois. Through the lottery process in 2019, the joint venture won contracts for 10 projects totaling 27 megawatts (AC), which was the third highest award in the lottery.
About SunVest Solar LLC
Wisconsin-based SunVest Solar serves customers from coast-to-coast, from Maine, New York, New Jersey, and Pennsylvania, to Wisconsin, Illinois, Nebraska, and Missouri, to Colorado, New Mexico, and Washington. Founded in 2009, we are an experienced solar developer with over 100 megawatts of installed solar capacity. For more information, visit www.sunvest.com.
About New Energy Equity
Founded in 2013, New Energy Equity develops and finances solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 275MW of solar projects and closed more than $550M in clean energy investments.
The company was ranked as the 7th Top Solar Developer and the 8th Top Solar Contractor on Solar Power World’s “2021 Top Solar Contractors” list and was voted as one of the fastest-growing energy companies in D.C., Maryland, and Virginia by Inc. Magazine in 2020. For more information, visit www.newenergyequity.com.