Funding Solar Projects In Illinois
Illinois Solar Programs & Incentives
SolRiver Capital funds solar projects across the country but we do have a keen interest in certain markets, like Illinois.
We are interested in Illinois because of it’s strong state programs and incentives for solar, including the Future Energy Jobs Act and MEA program. In addition, the state has a high volume of direct PPA’s and utility PPA’s with high-quality offtakers. If you’re working on a solar project in Illinois, SolRiver will finance projects with schools, utilities, municipalities, and large corporations as offtakers.
Future Energy Jobs Act
New Illinois state policy, the Future Energy Jobs Act, calls for 2.3GW of solar generating capacity by 2030, which will mean substantial utility-scale procurement. It also opens up community solar or shared solar projects in the state, requiring third-party land for project development.
The Future Energy Jobs Act improves the economics of IL solar projects.
MEA
Illinois utilities allow community choice aggregation (CCA) programs also called Municipal Electricity Aggregation (MEA), but the growth in Illinois has been erratic. In 2012 and 2013, the state led the country in CCA capacity added but has slowed considerably since. There are hundreds of communities and municipalities in the Ameren and ComEd utility areas with operational CCAs already.
SolRiver is familiar with Illinois’s MEA economics and is comfortable making investments in these projects.
Utility PPA’s
A Utility PPA is an agreement between a utility and a generator, in which the utility buys power from a solar system that’s interconnected to the utility grid. In addition to buying power, it’s common to see a utility purchase renewable energy credits or RECs.
Direct PPA’s
A direct power purchase agreement (“PPA”) refers to an agreement between a customer and a generator, in which the customer buys power from an on-site solar system. This is a plain-vanilla structure and very common for solar projects.
While direct PPA’s aren’t unique to Illinois, there is a significant volume of projects with direct PPA’s in the state.
Types of Projects We Look For
If you’re a developer or installer in New York, SolRiver is interested in the types of projects below.
Schools
SolRiver funds projects with educational offtakers – elementary, high school, and colleges/universities (public and private).
Examples of projects that SoRiver would fund:
- 750kW carport with Rochester City School District
- 1MW ground mount with Cornell University
Utilities
SolRiver actively looks to provide capital for projects with utilities, including ConEd, NYSEG, National Grid, PSEG, LIPA, NYPA, Just Energy, and CH Energy.
Examples of projects that SoRiver would fund:
- 15MW ground mount with Central Hudson
- 30MW ground mount with ConEd
Municipalities
SolRiver can finance most municipal solar projects selling power to a local government, town, or city.
Examples of projects that SoRiver would fund:
- 1MW rooftop with Rochester City
- 5MW ground mount with LaGuardia Airport
Corporations
For corporate offtakers, SolRiver can generally fund projects with Fortune 1000 companies.
Example of a project that SolRiver would fund:
- 900kW rooftop with KPMG
Let’s Discuss Your Project
We’re ready to look at your project. To get in touch with us, pick the option below that’s easiest for you.
Send Email
Submit via Form
You can also use our online project intake form. Answer a handful of questions about the project and our team will be notified immediately.
Use Excel Sheet
Alternatively, we can provide you a short Excel worksheet with our project inputs. Simply email the file back to us with your information and we’ll be sure to review it.