FOR IMMEDIATE RELEASE
May 1, 2023
MEDIA CONTACTS:
Marci Grossman
847.257.5649, MGrossman@Gridwealth.com
Gridwealth Announces 4 New Commercial Solar Projects in Illinois
Projects total nearly 20 megawatts, support Illinois Shines Community Solar Program
SUDBURY, Mass., — Gridwealth, a U.S-based commercial-scale solar developer, owner, and operator, focused on real estate investors and property owners, today announced it is building four commercial-scale rooftop solar projects in Illinois –– its first energy projects in the state. The projects will total nearly 20 megawatts of solar power generation and enable residents to save money on their electric bills while supporting the expansion of renewable energy and Illinois’ ambitious clean energy goals.
The Projects
The projects will be part of the Illinois Shines Community Solar program, a state-administered incentive program supporting the development of new solar energy generation in Illinois. Gridwealth was recently approved as a vendor for the Illinois Shines program.
The solar projects will be built across 2.3 million square feet of industrial warehouse rooftop space in Illinois, thereby preserving fields, forests, and other existing open space. Two will be developed in Rockford (Northern, Illinois); one in Mattoon; one in Decatur (both Southern Ill.). Nearly 45,000 solar panels will be used to construct the four solar projects. When completed, collectively, they will generate approximately 25 million kilowatt hours (kWh) – enough electricity to power approximately 2,500 average homes. Construction on the projects is expected to begin the next several months and be completed the end of 2024 with appropriate interconnecting utility cooperation.
“Gridwealth is excited to develop its first solar projects in Illinois, play a role in growing community solar in the state and make it one of the nation’s fastest-growing community solar markets,” said David Ellis, Chief Executive Officer (CEO) and co-founder of Gridwealth. “We applaud Illinois for creating the Illinois Shine program, which has made it one of the most favorable states to develop solar projects.”
Gridwealth continuously analyzes renewable energy incentive programs on a state-by-state basis, to identify the most favorable markets and then it partners with commercial real estate investors.
“These community solar projects demonstrate our commitment to increasing access to clean energy for Illinois residents while benefitting the environment by co-locating them on previously developed commercial and industrial sites,” said Quincy Vale, chairman and president of Gridwealth. “We expect to develop many additional projects in Illinois and other states, to enable many more Americans to save money while transitioning to clean, reliable and nearby sources of electricity.”
About Illinois Shines Community Solar Program
Illinois Shines, is the brand name of the Adjustable Block Program, a state-administered program that creates incentives for the development of new solar photovoltaic (“PV”) projects. To help with that, Community Solar projects that participate in the program receive payments in exchange for 15 years of Renewable Energy Credits (“RECs”) generated by the project. Community solar is an arrangement under which many customers subscribe to a single, large PV project owned by an independent developer (in this instance Gridwealth) and earn credits on their monthly utility bills for their portion of the energy produced by the project.
Electricity generated by the community solar project flows to the grid and becomes part of the overall energy supply. Community solar is an excellent option for commercial and residential customers in rental properties or for those would prefer not to install solar panels on their roofs. https://illinoisshines.com/wpcontent/uploads/2022/11/ILShines-CS_Updated_112022.pdf
About Gridwealth
Operating under the Gridwealth brand, MassAmerican Energy is a U.S.-based developer, owner, and operator of renewable energy assets. Now, together with Hampshire Power affiliates, the companies offer expanded services that include energy consulting, retail electricity, C&I scale solar, and battery storage systems, community shared solar services, REC brokerage and more. Gridwealth generates long-term revenue for customer buildings, while reducing GHG emissions. We partner with commercial and industrial property owners, public and private companies, independent power producers, power brokers, universities, and municipalities. To date, Gridwealth has developed, financed, constructed, operated, owned, and maintained over 150 solar projects. The brand will continue to expand throughout North America. For more information, please contact info@gridwealth.com, visit www.gridwealth.com.
1Gridwealth is registered as MassAmerican Energy on the approved vendor list for the Illinois Shines program, but it is doing business as Gridwealth.
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