38 Degrees North, a community solar and distributed renewables platform headquartered in Sausalito, California, has acquired a 104-megawatt portfolio of community solar assets in Illinois from Cypress Creek Energy, the two companies announced. The transaction covers 16 advanced projects spread across 14 Illinois counties, with all assets expected to be placed in service by 2027.

Deal Details and Projected Community Benefits

The acquired portfolio is projected to deliver USD 1.6 million in annual subscriber utility bill savings and generate USD 11 million in local tax revenue over the life of the projects.

For 38 Degrees North, known internally as 38DN, the acquisition marks a significant expansion into the Illinois community solar market. The company described its platform as built to develop, acquire, finance, and operate distributed energy projects at scale, and framed the transaction as consistent with that broader strategy.

Jake Carney, Co-Founder and Managing Director of 38DN, said the company is deeply committed to collaborating with communities, developers, and capital partners to advance community solar in the United States, and characterized Illinois as a critical market.

"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," Carney said.

Beyond this portfolio, 38DN stated it is actively developing, acquiring, and constructing other Illinois community solar projects, signaling that the Cypress Creek deal is one component of a larger push into the state.

Illinois Market Context

Illinois has emerged as one of the most active community solar markets in the country, supported by established policy frameworks and growing demand for distributed energy solutions.

In 2025 alone, the state added 349 megawatts of community solar capacity, ranking second in the nation for installations during that year. Both 38DN and Cypress Creek identified continued development and investment in the Illinois market as a significant priority.

Cypress Creek's Track Record in Illinois

For Cypress Creek Energy, described as a leading American energy infrastructure developer, owner, and operator, the transaction reflects more than a decade of distributed generation and community solar development activity across the country.

In Illinois specifically, the company has developed over 250 megawatts across more than 50 projects, which it described as establishing one of the leading community solar platforms in the state.

Jeffrey Meigel, Cypress Creek Energy's Chief Investment Officer, said the Illinois market continues to demonstrate strength for community solar, and pointed to the portfolio as evidence of the company's long-standing commitment to developing high-quality projects. "We're pleased to work with 38DN to advance these projects and expand access to affordable, locally generated energy across the region," Meigel said.

Cypress Creek also noted that the sale of community solar projects complements its build, own, and operate strategy for utility-scale assets, suggesting the divestiture is consistent with its broader approach to portfolio management rather than a retreat from the sector.

A Partnership With Prior History

The Illinois transaction is not the first time the two companies have worked together. 38DN and Cypress Creek have maintained a partnership dating back to 2018, which previously included the acquisition of over 85 megawatts of community solar assets in New York. The Illinois deal therefore extends a multi-year commercial relationship between the two organizations into a new state market.

About the Companies

38 Degrees North was founded in 2015 and operates as a community solar and distributed renewables platform. Cypress Creek Energy operates as a developer, owner, and operator of energy infrastructure assets across the United States, with an established presence in both distributed generation and community solar markets.

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