38 Degrees North Expands Illinois Presence with Acquisition of 104 MW Community Solar Portfolio from Cypress Creek
Community solar developer and distributed renewable energy platform 38 Degrees North (38DN) has significantly expanded its footprint in the U.S. renewable energy sector through the acquisition of a 104-megawatt (MW) community solar portfolio in Illinois from Cypress Creek Energy. The transaction marks a major milestone for both companies and underscores the growing importance of community solar as states across the nation seek to increase access to clean, affordable, and locally generated electricity.
The acquired portfolio consists of 16 advanced-stage community solar projects located across 14 counties in Illinois. All projects are expected to reach commercial operation by 2027, contributing substantial renewable energy capacity to one of the country’s most active community solar markets.
The acquisition reinforces Illinois’ reputation as a national leader in community solar development. Strong state policies, supportive regulatory frameworks, and increasing demand for distributed energy resources have helped position Illinois as one of the most attractive markets for renewable energy investment. According to industry data, Illinois added 349 MW of community solar capacity during 2025 alone, ranking second among all U.S. states in annual community solar installations.
For 38 Degrees North, the acquisition represents an important strategic move as the company continues to build a diversified portfolio of distributed renewable energy assets across key growth markets. The company has established itself as a specialized platform focused on the development, acquisition, financing, construction, and operation of community solar and distributed generation projects. By acquiring the Illinois portfolio, 38DN strengthens its presence in a state that offers long-term growth opportunities for renewable energy developers and investors alike.
The 16 projects included in the portfolio are expected to deliver meaningful economic and environmental benefits to local communities once operational. According to projections, subscribers participating in the community solar programs associated with the projects could collectively save approximately $1.6 million annually on electricity bills. These savings highlight one of the core advantages of community solar, which allows residential customers, businesses, municipalities, and nonprofit organizations to benefit from solar energy without needing to install solar panels on their own properties.
Community solar programs have gained widespread popularity because they make renewable energy more accessible to a broader range of consumers. Participants subscribe to a portion of a shared solar facility and receive credits on their utility bills based on the energy generated by the project. This model helps expand clean energy access to renters, low-income households, and property owners whose buildings may not be suitable for rooftop solar installations.
Beyond subscriber savings, the Illinois portfolio is expected to generate substantial economic value for local governments and communities. Over the lifetime of the projects, the developments are projected to contribute approximately $11 million in local tax revenues. These funds can support public services, infrastructure improvements, schools, and other community initiatives while creating economic activity in rural and suburban areas where many of the projects are located.
The acquisition also reflects 38DN’s broader commitment to expanding its renewable energy investments in Illinois. In addition to the newly acquired projects, the company is actively pursuing additional opportunities throughout the state through project development, acquisitions, and construction activities. This ongoing investment strategy positions 38DN to play an increasingly significant role in Illinois’ clean energy transition and distributed generation sector.
For Cypress Creek Energy, the transaction represents another successful step in a long history of community solar development and renewable energy deployment across the United States. Over the past decade, Cypress Creek has established itself as one of the nation’s leading developers, owners, and operators of solar energy infrastructure. The company has built extensive expertise in identifying, developing, financing, and managing renewable energy projects in diverse markets.
Illinois has been a particularly important market for Cypress Creek’s distributed generation business. The company has developed more than 250 MW of solar capacity across over 50 projects within the state, helping to establish one of the largest and most successful community solar platforms in Illinois. The sale of the 104 MW portfolio demonstrates the company’s ability to develop high-quality renewable energy assets that attract long-term investment from experienced operators and infrastructure platforms.
While Cypress Creek continues to advance community solar projects, the company’s broader business strategy increasingly emphasizes the development, ownership, and operation of utility-scale renewable energy assets. The transaction aligns with this strategy by enabling Cypress Creek to monetize developed community solar projects while focusing additional resources on expanding its utility-scale portfolio.
Executives from both companies emphasized the strategic significance of the deal and the opportunities it creates for continued growth in the community solar sector.
Jake Carney, Co-Founder and Managing Director of 38 Degrees North, highlighted the company’s commitment to accelerating community solar deployment and collaborating with industry stakeholders to expand access to renewable energy.
According to Carney, 38DN remains focused on working closely with communities, developers, investors, and other partners to advance distributed energy solutions throughout the United States. He noted that Illinois represents one of the nation’s most important community solar markets and that the acquisition demonstrates the company’s ability to develop, acquire, finance, and operate renewable energy projects at scale.
Carney also pointed to the company’s platform capabilities as a key factor supporting its continued expansion. As demand for distributed energy resources grows, 38DN aims to leverage its expertise and financial resources to pursue additional opportunities that deliver long-term value for customers, investors, and local communities.
Jeffrey Meigel, Chief Investment Officer of Cypress Creek Energy, echoed the importance of Illinois as a leading community solar market and emphasized the company’s longstanding commitment to developing projects that provide tangible benefits for customers and communities.
Meigel stated that the acquired portfolio reflects years of effort in creating high-quality renewable energy assets designed to deliver affordable electricity and support local economic development. He expressed confidence that the partnership with 38 Degrees North will help ensure the successful completion and operation of the projects while expanding access to clean, locally generated power throughout Illinois.
The transaction also builds upon an established relationship between the two companies. Their partnership dates back to 2018 and has included previous collaborations in the community solar sector. Among those efforts was 38DN’s acquisition of more than 85 MW of community solar assets in New York from Cypress Creek, demonstrating a history of successful transactions and mutual confidence between the organizations.
As the U.S. renewable energy market continues to evolve, transactions such as this highlight the growing maturity of the community solar industry. With supportive state policies, rising consumer demand, and increasing investment from specialized renewable energy platforms, community solar is expected to remain a critical component of the nation’s clean energy expansion. The acquisition of the 104 MW Illinois portfolio positions both 38 Degrees North and Cypress Creek Energy to capitalize on these trends while advancing the deployment of affordable, locally generated renewable energy across one of America’s most dynamic solar markets.
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