Solar panels. Author: University of Salford Press Office. License: Creative Commons. Attribution 2.0 Generic
Former employees of bankrupt renewables developer SunEdison (OTCMKTS:SUNEQ) have established a new company that will develop, fund and acquire solar projects in the US.
The new development entity, called Summit Ridge, is led by CEO Steve Raeder who was previously in charge of SunEdison’s East Coast commercial and industrial solar activities. In a press release on Thursday Summit Ridge said it will mainly be engaged with commercial and industrial and community photovoltaic (PV) schemes, mostly in the Midwest and the East Coast.
“We see a tremendous opportunity in several markets where we led for years to reengage and provide a stronger, more reliable range of services to customers, landowners, and other solar developers,” Raeder noted.
Summit Ridge has already wrapped up initial project acquisitions and started developing greenfield sites, planning to finish its first project in January-March 2018. In addition to solar schemes, the company will provide energy efficiency and storage solutions.
Investment advisory firm Aligned Intermediary has provided financing to the new firm and will serve on its board of directors.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.