38 Degrees North Buys 104 MW Illinois Solar Portfolio from Cypress Creek

SAUSALITO, CA – June 08, 2026 – In a significant move underscoring the dynamism of the U.S. renewable energy sector, community solar platform 38 Degrees North (“38DN”) has acquired a 104-megawatt (MW) community solar portfolio from developer Cypress Creek Energy. The deal involves 16 advanced-stage projects across 14 Illinois counties, cementing 38DN’s expansion into one of the nation’s most fertile markets for distributed solar power.

The acquisition not only marks a major milestone for 38DN but also illuminates a key strategic shift occurring within the industry: the dual pursuit of growth through both specialized distributed generation and large-scale utility projects. While 38DN doubles down on community-focused assets, Cypress Creek monetizes its development pipeline to focus on its core build, own, and operate strategy for utility-scale infrastructure.

“38DN is deeply committed to collaborating with communities, developers and capital partners to advance community solar in the U.S., and in particular, in critical markets like Illinois,” said Jake Carney, Co-Founder and Managing Director of 38DN, in a statement. “Our platform is built to develop, acquire, finance, and operate distributed energy projects at scale, and this acquisition reflects this and our capabilities to support continued growth in this segment.”

Illinois: A National Leader in Community Solar

The transaction is set against the backdrop of Illinois’s emergence as a powerhouse in the community solar space. Propelled by ambitious state-level policies, the Prairie State has created a robust and attractive environment for renewable energy investment. The 2021 Climate and Equitable Jobs Act (CEJA) supercharged the market, setting a goal of 40% renewable energy by 2030 and allocating significant funding for solar development through programs like “Illinois Shines.”

This policy framework has paid dividends. In 2025 alone, Illinois installed 349 MW of community solar capacity, ranking second in the nation. The state now boasts over 1.2 gigawatts of active and planned projects, managed by the Illinois Power Agency (IPA), which provides developers with predictable, long-term revenue through Renewable Energy Credits (RECs).

This stable, policy-driven growth makes Illinois a prime target for developers and investors. The 38DN portfolio is a clear example, with projects expected to come online by 2027 and deliver tangible local benefits, including an estimated $1.6 million in annual utility bill savings for subscribers and $11 million in local tax revenue over the projects' lifecycles.

A Tale of Two Strategies

This deal masterfully illustrates the diverging yet complementary strategies shaping the energy transition. For 38 Degrees North, the acquisition is a direct execution of its mission to become a dominant force in distributed generation. Founded in 2015, the company has steadily grown its portfolio through both self-developed projects and strategic acquisitions. This Illinois deal builds on a long-standing partnership with Cypress Creek, which included a previous 85 MW community solar acquisition in New York.

Backed by substantial growth equity from investors like S2G Investments, Kimmeridge Energy Management, and Climate Adaptive Infrastructure, 38DN is well-capitalized to continue its expansion. The company now has over 500 MW of projects operating or under construction, with a robust pipeline of over 250 MW planned for the next two years—a figure bolstered by its recent acquisition of U.S. Light Energy.

Conversely, for Cypress Creek Energy, the sale represents a strategic refinement. As a major independent power producer with 19 GW of projects commercialized, Cypress Creek is sharpening its focus on developing, owning, and operating large, utility-scale solar and storage assets. While the company has been a prolific developer in Illinois—with over 250 MW across 50 projects to its name—selling this community solar portfolio allows it to redeploy capital into its massive 19 GW development pipeline of utility-scale projects.

“Illinois continues to be a strong market for community solar, and this portfolio reflects our long-standing commitment to developing high-quality projects that deliver real value to customers and communities,” stated Jeffrey Meigel, Cypress Creek Energy’s Chief Investment Officer. “We’re pleased to work with 38DN to advance these projects and expand access to affordable, locally generated energy across the region.”

Empowering Local Communities

Beyond the corporate strategy, the true impact of this acquisition will be felt in the 14 Illinois counties hosting these projects. Community solar is designed to democratize clean energy, offering a pathway for renters, apartment dwellers, and homeowners with unsuitable rooftops to benefit from solar power.

Subscribers in Illinois typically save 10-20% on their monthly electricity bills by receiving credits for the energy their share of the solar farm produces. State regulations also include strong consumer protections and ensure that projects benefit a wide range of customers, with specific capacity reserved for small residential and commercial subscribers.

This model not only lowers energy costs but also contributes to grid resilience by distributing power generation across the network. The $11 million in projected tax revenues will provide a welcome boost to local municipal budgets, funding schools, infrastructure, and other public services without placing a burden on local taxpayers. The transaction is a powerful case study in how strategic renewable energy investments can create a virtuous cycle of economic, environmental, and social benefits.