Renewable Energy Acquisitions in Illinois

Energea provided $20 million in debt (part of a combined equity and debt package) to HGR Energy to accelerate development and expansion of its renewable energy project portfolio. Westbury Group and Regiment Securities advised and structured the financing, which closed on December 6, 2024.

Lotus Infrastructure Partners completed the acquisition of PNE USA, a North American developer of utility-scale wind, solar and energy storage projects, from Germany-based PNE AG. PNE USA will operate immediately as Allium Renewable Energy; the developer has monetized 877 MW to date and holds a development pipeline of over 3 GW, and Lotus said the deal will expand its renewable development capabilities.

Aspen Power announced it will acquire a portfolio of 20 community solar projects (up to 19 MW), primarily located in Illinois, partnering with a developer and working with Common Energy to subscribe and manage the projects. The acquisition expands Aspen Power's distributed generation footprint and increases access to community solar for residential and low- and moderate-income customers in Illinois.

Nelnet acquired a majority stake in GRNE Solar (also known as GRNE Solutions), a Midwest-based solar design and installation firm operating in residential, commercial and utility-scale markets. The deal (announced July 2022) expands Nelnet’s renewable energy arm and brings GRNE’s regional EPC capabilities into Nelnet Renewable Energy; SEC/filing summaries indicate Nelnet acquired an 80% interest for approximately $29.7 million.