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Standard Solar Acquires 84-Megawatt Community Solar Portfolio in Illinois, Demonstrates Unparalleled Leadership

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ROCKVILLE, Md. ~ Standard Solar, a leading commercial and community solar developer and asset owner, has recently made a significant move towards advancing Illinois' renewable energy goals. The company announced the acquisition of an 84-megawatt community solar portfolio in the state, consisting of 14 projects that will contribute to Illinois' target of achieving 100% clean energy by 2050.

The portfolio, purchased from developer New Leaf Energy, is divided into three sets of community solar gardens. The first set includes six sites with a capacity of approximately 47 MW, followed by four sites totaling 12 MW and another four sites representing 25 MW. Construction for these projects is set to begin in 2024, with most of them expected to be completed by the end of that year. The remaining projects are projected to be finished in 2025.

This milestone acquisition is a testament to Standard Solar's capability to excel even in challenging economic landscapes. Mike Streams, Chief Development Officer at Standard Solar, expressed his confidence in the company's ability to successfully close such deals. He also commended the smooth collaboration between Standard Solar and New Leaf Energy's dedicated transaction teams.

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Ryan Bailey, Vice President of Development for the Midwest at New Leaf Energy, also shared his excitement about working with Standard Solar on this project. He stated that their long-term commitment to Illinois is driven by the state's ambitious clean energy targets and their desire to bring clean energy access to communities throughout the state.

Community solar programs have been rapidly growing within the renewable energy industry as they provide locally produced and affordable clean energy options for both residences and businesses. Standard Solar's community solar projects not only contribute towards reducing greenhouse gas emissions but also bring various benefits to local communities such as job opportunities and reduced energy costs for subscribers.

Harry Benson, Director of Business Development at Standard Solar, highlighted the company's commitment to Illinois' growing solar industry through this acquisition. He emphasized how these community solar projects will not only provide cost savings for customers, especially those with lower to moderate incomes, but also contribute towards the state's clean energy objectives.

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Community solar offers an inclusive path for all customers to access clean solar energy without the need for personal solar panel installations. Participants enroll in a solar project and receive credits on their monthly bills based on the power generated by the project. This seamlessly integrates into the grid, enhancing the overall energy supply.

Illinois, being the fifth most populous state in the nation, has shown a strong commitment to a carbon-free future and is leading the way in community solar programs. The state prioritizes equity for historically disadvantaged communities and promotes clean energy expansion to boost economic growth.

Amidst record-breaking temperatures and rising energy costs, Illinois is providing its residents with a clear path towards a more sustainable future through clean and affordable energy options. This acquisition by Standard Solar further solidifies their partnership with New Leaf Energy, as they continue to work together towards promoting positive environmental transformation.

Including these portfolios, Standard Solar and New Leaf Energy have collaborated on 20 projects in three states, showcasing their unwavering commitment to promoting clean energy and contributing towards a more sustainable future.
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