38 Degrees North and Cypress Creek Energy announced that 38 Degrees North has acquired a 104-megawatt portfolio of community solar assets in Illinois from Cypress Creek. The portfolio consists of 16 advanced-stage projects located across 14 counties and is expected to enter service by 2027.
The transaction marks a major expansion for 38 Degrees North in the Illinois community solar market. The projects are expected to generate approximately $1.6 million in annual utility bill savings for subscribers and contribute $11 million in local tax revenue over their operating lives. In addition to the acquired assets, 38 Degrees North said it is actively developing, acquiring, and constructing additional community solar projects in Illinois.
For Cypress Creek, the sale builds on more than a decade of experience in distributed generation and community solar development. The company has developed more than 250 MW across over 50 projects in Illinois and said the transaction complements its strategy of building, owning, and operating utility-scale energy assets.
Illinois added 349 MW of community solar capacity in 2025, making it the second-largest market in the United States for new installations. Both companies identified Illinois as a priority market for continued development and investment.
The deal also extends a relationship between the two companies that began in 2018 and previously included 38 Degrees North’s acquisition of more than 85 MW of community solar assets in New York.
About 38 Degrees North
Founded in 2015, 38 Degrees North focuses on development-stage and construction-ready distributed generation and community solar projects. The company has more than 500 MW of projects operating or under construction and an advanced pipeline exceeding 250 MW.
About Cypress Creek Energy
Cypress Creek Energy develops, finances, owns, and operates utility-scale and distributed energy infrastructure, including solar and storage assets. Since its inception, the company has commercialized 19 GW of projects and maintains a 19 GW development pipeline.
KEY QUOTES:
“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. 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.”
Jake Carney, Co-Founder and Managing Director, 38 Degrees North
“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. We’re pleased to work with 38DN to advance these projects and expand access to affordable, locally generated energy across the region.”
Jeffrey Meigel, Chief Investment Officer, Cypress Creek Energy
