38 Degrees North Acquires 104 MW Community Solar Portfolio in Illinois from Cypress Creek

SAUSALITO, Calif.--(BUSINESS WIRE)--38 Degrees North (“38DN”), a community solar and distributed renewables platform, and Cypress Creek Energy, a leading American energy infrastructure developer, owner, and operator, today announced the sale of 104 megawatts (MW) of community solar assets in Illinois from Cypress Creek to 38DN. The portfolio includes 16 advanced projects that are expected to be placed in service by 2027.

Illinois continues to be a key market for community solar and energy storage in the U.S., supported by established policy frameworks and growing demand for distributed energy solutions. In 2025 alone, Illinois added 349 MW of community solar capacity, ranking second in the nation for installations.

For 38DN, the transaction represents a significant expansion into the fast-growing Illinois community solar market. The portfolio that 38DN is acquiring includes 16 projects spanning 14 counties in Illinois, expected to deliver $1.6 million in annual subscriber utility bill savings and $11 million in local tax revenue over the life of the projects. In addition to this portfolio, 38DN is actively developing, acquiring, and constructing other Illinois community solar projects.

For Cypress Creek, this milestone builds on more than a decade of experience developing distributed generation and community solar across the nation. In Illinois, the company has developed over 250 MW across more than 50 projects, establishing one of the leading community solar platforms in the state.

Additional development and investment in the Illinois market is a significant priority for both 38DN and Cypress Creek. The sale of community solar projects complements Cypress Creek’s build, own and operate strategy for utility-scale assets.

“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. “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 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,” said 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.”

The transaction builds on a longstanding partnership between 38DN and Cypress Creek that started in 2018 and includes a previous acquisition of over 85 MW of community solar assets in New York.

About 38 Degrees North
Founded in 2015, 38 Degrees North is an established platform focused on development-stage and construction-ready distributed generation and community solar projects that are both self-developed and acquired through partnerships with leading project developers. The company has over 100 projects and 500 MW under construction or operating, with an advanced pipeline of 250+ MW planned for construction in the next 24 months. 38DN closed growth equity investments from S2G Investments in late 2023 and from Kimmeridge Energy Management and Climate Adaptive Infrastructure in mid-2025.

About Cypress Creek Energy
Cypress Creek Energy is an independent power producer and leading provider of fast, firm, reliable, and sustainable energy solutions. It develops, finances, owns, and operates utility-scale and distributed energy infrastructure – including solar, storage, and firm capacity solutions – to serve utilities, communities, and large-load customers. Since inception, Cypress Creek has commercialized 19 GW of projects, maintains a portfolio of more than 6.8 GW of operating and under-construction assets, and has a 19 GW development pipeline of new projects planned for construction over the coming years. Cypress Creek’s leading O&M platform, Cypress Creek Solutions, operates and maintains more than 8.6 GW of energy assets across 24 states.