38 Degrees North (38DN) announced that it will acquire a 104‑megawatt (MW) community‑solar portfolio from Cypress Creek Energy. The transaction adds 16 advanced projects across 14 Illinois counties, with all sites slated to be placed in service by 2027. The deal deepens 38DN’s footprint in a state that added 349 MW of community‑solar capacity in 2025—making Illinois the second‑largest market for new installations in the United States. By securing this portfolio, 38DN not only expands its asset base but also reinforces a partnership with Cypress Creek that dates back to 2018 and has already produced an 85‑MW acquisition in New York.
38 Degrees North Acquires 104 MW Community Solar Portfolio from Cypress Creek
The agreement transfers ownership of 104 MW of community‑solar assets to 38DN. The portfolio comprises 16 projects that together are expected to generate roughly $1.6 million in annual utility‑bill savings for subscribers and to contribute about $11 million in local tax revenue over the projects’ lifetimes. The sites are distributed across 14 Illinois counties, reflecting a geographically diverse footprint that can serve a broad range of residential and commercial customers. Cypress Creek, which has developed more than 250 MW across over 50 projects in Illinois, will retain its focus on utility‑scale build‑own‑operate assets while continuing to collaborate with 38DN on distributed‑energy opportunities.
Illinois Community Solar Market Context
Illinois remains a leading U.S. market for distributed energy, underpinned by a mature policy framework that encourages local generation, storage, and community‑solar participation. In 2025 the state added 349 MW of community‑solar capacity, ranking second nationally for new installations. This growth is driven by strong customer demand for affordable, locally sourced power and by state incentives that lower the financial barrier for developers. The market’s momentum makes it a strategic region for both 38DN and Cypress Creek, who view Illinois as a “critical market” for expanding access to clean energy and for delivering tangible economic benefits to the communities they serve.
Implications for Developers and Investors
For 38DN, the acquisition represents a major expansion of its platform, which is designed to develop, acquire, finance, and operate distributed‑energy projects at scale. The company’s co‑founder Jake Carney emphasized that the deal “reflects our capabilities to support continued growth in this segment” and highlights 38DN’s commitment to collaborating with communities, developers, and capital partners. The added capacity strengthens 38DN’s pipeline of Illinois projects and positions the firm to capture additional market share as the state’s policy environment continues to evolve.
Cypress Creek’s decision to sell the portfolio aligns with its broader strategy to concentrate on utility‑scale assets while still maintaining a long‑standing partnership with 38DN. Chief Investment Officer Jeffrey Meigel noted that the portfolio “reflects our long‑standing commitment to developing high‑quality projects that deliver real value to customers and communities.” The transaction therefore underscores a complementary approach: Cypress Creek focuses on large‑scale generation, and 38DN scales the community‑solar segment.
Key Takeaways
- 38 Degrees North purchased a 104 MW community solar portfolio from Cypress Creek, covering 16 projects in 14 Illinois counties.
- The acquired assets are projected to deliver $1.6 million in annual subscriber savings and $11 million in local tax revenue over their lifetimes.
- Illinois added 349 MW of community solar capacity in 2025, the second‑largest annual increase in the United States.
EnergyInsyte's Take
The deal underscores Illinois’ attractiveness for distributed solar investment and signals 38DN’s intent to scale its platform in a market with strong policy support. Executives should monitor project permitting timelines and the evolving regulatory environment, as these factors will influence the pace at which the newly acquired assets reach commercial operation.
Source: Businesswire
