Leading climate-positive investment firm HASI announced an expansion of its partnership with US commercial solar and energy storage company Summit Ridge Energy to build, own and operate a 250-MW community solar portfolio in Illinois and Maryland.
As per the agreement, HASI will provide financing support for Summit Ridge Energy's growing pipeline of ground-mounted and rooftop community solar projects in the two states over the next two years. Once complete, the portfolio is expected to supply clean energy and provide energy savings to residential and small commercial customers while cutting down over 51,000 metric tons of carbon dioxide emissions per year.
According to the companies, this transaction doubles the size of an existing joint venture between them which was announced in 2019. The partnership has to date supported the development of a 255-MW solar energy portfolio and strengthened Summit Ridge Energy's leading solar market position in Illinois and Maryland.
"We're proud to double-down on our formidable funding platform with HASI which since 2019 has seen Summit Ridge Energy continuously expand our market share and become the largest commercial solar company in the country," said Steve Raeder, CEO of Summit Ridge Energy .
"The deal is a mark of Summit Ridge Energy's leadership in commercial solar and ability to execute in a challenging economic environment."
Commenting on the partnership, Susan Nickey, Chief Client Officer of HASI, said: "This latest transaction underscores our commitment to delivering scalable and repeatable transactions to our clients as they seize the tremendous opportunity of the energy transition."
"Our programmatic, client-centric approach delivers long-term value to our partners, and we look forward to supporting the rapid growth of Summit Ridge Energy's solar pipeline," added Nickey.
HASI's managed clean energy assets have hit $10 billion. Including the mentioned portfolio, Summit Ridge Energy owns a development pipeline of over 2 GW, and it will have more than 400 MW of solar capacity online by the end of this year.
