38 Degrees North has acquired a 104 MW community solar portfolio consisting of 16 advanced projects spanning 14 counties in Illinois from Cypress Creek. The projects are expected to be placed in service by 2027 and will deliver approximately $1.6 million in annual subscriber utility bill savings. The acquisition extends a partnership between the two companies dating back to 2018, which previously included an acquisition of over 85 MW of community solar assets in New York. For broader investor coverage, see the Renewable Energy Investors US – Top 15 List.

Transaction Facts

What Happened

38 Degrees North signed an agreement to acquire a 104 MW community solar portfolio from Cypress Creek. The portfolio consists of 16 advanced community solar projects distributed across 14 Illinois counties. Projects are currently in development with expected in-service timing of 2027. Upon in-service, the portfolio is expected to deliver approximately $1.6 million in annual subscriber utility bill savings and generate $11 million in local tax revenue over the life of the projects. This acquisition extends a longstanding partnership between 38DN and Cypress Creek that began in 2018 with a previous acquisition of over 85 MW of community solar assets in New York.

Market Context

Community solar has emerged as an important segment of the US solar market, enabling residential and commercial customers to benefit from solar generation without rooftop installation. 38 Degrees North’s acquisition of a multi-county portfolio reflects the scale and geographic distribution that institutional investors increasingly seek in community solar. Illinois provides a stable regulatory environment for community solar development, supporting the asset class as a vehicle for broadening renewable energy access. The repeat transaction between 38DN and Cypress Creek demonstrates the durability of established developer-investor partnerships in the community solar space.

Why It Matters

The acquisition shows how community solar has matured as an institutional asset class in the United States. 38 Degrees North’s investment in a 104 MW portfolio indicates that institutional capital is comfortable with the risk profile and return characteristics of community solar across multiple jurisdictions. For community members in participating areas, the portfolio will deliver direct utility bill savings averaging $1.6 million annually. The $11 million in local tax revenue over the projects’ lifetime reflects the economic impact of community solar development on host communities. The repeat transaction between 38DN and Cypress Creek indicates strong execution and relationship depth, encouraging further deal flow in the community solar market.

Source: Renewables.Digital Transaction Page.