Standard Solar, a specialist in the ownership, operation, funding and development of commercial and community solar assets, today announced it acquired a fully operational 28.5 megawatt (MW) solar project from funds managed by True Green Capital Management. The acquisition is the company’s first in Idaho, one of Standard Solar’s largest to date. Idaho currently has 590 MW installed, according to SEIA, and ranks 27th for solar installations in the country.
“We are actively pursuing growth opportunities through acquisition of existing and operating solar projects and adding the Mountain Home project to our asset base is a significant milestone for Standard Solar,” saidMike Streams, Standard Solar’s Chief Development Officer.
The system is located in Mountain Home, the largest city in Elmore County, and has been providing energy savings to area residents and businesses since 2017. Idaho Power purchases the power generated from the system to provide energy to its customers at a discounted price. The Mountain Home system produces 54,716 megawatt hours of clean energy annually, enough to offset over 4.3 million gallons of gasoline consumed and the charging of 4.7 million smartphones.
This announcement follows Standard Solar’s recent acquisitions of solar project portfolios in Maine and Oregon totaling more than 15 MW. With this project addition, the company’s ownership footprint now spans 21 states.
Standard Solar was recently listed as the fifth largest portfolio owner of commercial solar by Wood Mackenzie, a leading energy research and consultancy group. Standard Solar was founded in 2004 and began as a residential installer and regional EPC. The company’s first major commercial solar project was a 205kW roof-mounted system for the Department of Energy Headquarters in 2008. In 2010, 2011 and 2012, Standard was named to the Inc. 500 Fastest-Growing Private Companies in America. In 2017, Standard Solar was acquired by the international energy giant, Énergir. Now with $600 million of in-house development capital from the acquisition, Standard Solar invests in direct development, partnerships and expanding its portfolio of company-owned and managed assets such as the Mountain Home project.
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