Summit Ridge strikes tax equity partnership for 73 MW of community solar

Solar panels in USA. Author: Pete Jelliffe. License: Creative Commons. Attribution-NoDerivs 2.0 Generic.

April 15 (Renewables Now) - US community solar projects specialist Summit Ridge Energy LLC said it has formed a partnership with investment manager Foss & Company Inc to fund residential and commercial solar projects totalling some 73 MW in direct current.

The basis for the partnership is a USD-55-million (EUR 46m) tax equity commitment that Summit Ridge secured from the investor partner.

“This investment is a continuation of our broader effort to make ESG-focused tax equity investments that bring jobs, economic benefits, and low-cost renewable energy generation to communities across America,” said Bryen Alperin, director of renewable energy and sustainable technologies at Foss & Company.

The portfolio consists of community solar projects located in six utility service territories across the states of Illinois, Maryland and Maine. Summit Ridge started construction in 2020 and expects to see each plant reach commercial operation in 2021, the company added.

(USD 1.0 = EUR 0.836)

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