Summit Ridge Energy (SRE) has secured a $67 million tax equity commitment from investment firm Foss & Company. The partnership will fund more than 50 MWdc of community solar projects in Maine and Illinois.
The funding consolidates SRE’s position as a market leader in Maine and Illinois, supporting a development pipeline of 13 projects to provide residential and commercial subscribers with reliable, low-cost clean energy and an opportunity to support the local renewable economy.
This latest funding builds on the strong relationships between the two companies. Together, they have closed $122 million in tax equity commitments in two years. SRE first partnered with Foss & Company in April 2021, securing a $55 million tax equity commitment which funded 73 MW of solar projects that achieved commercial operations in late 2021.
This investment takes advantage of the Inflation Reduction Act’s (IRA) Qualified Advanced Energy Project Credit program. Once the rulemaking for low- and moderate-income (LMI) community incentives and Domestic Content requirements program is finalized, the firms expect to expand their partnership and make renewable energy more accessible, both in underserved and traditional energy communities.
“As a trusted partner of Foss & Company, we’re pleased to build on our successful relationship to continue decarbonizing the nation’s electricity grid,” said Brian Dunn, Chief Operating Officer of SRE. “SRE is proud to be leading the expansion of community solar to help Americans save millions of dollars each year on their energy bills”.
SRE started construction on the portfolio in early 2023 and expects the projects to achieve commercial operations in 2024. Once operational, the projects will generate clean power and energy savings for residential and commercial customers across six utility service territories. Commercial customers include small, medium and large businesses who will remotely subscribe to the community solar projects.
“In addition to targeting robust cash flow and economic returns for our investors, this portfolio is expected to increase access to low-cost clean energy for thousands of families and small businesses in Illinois and Maine,” said Bryen Alperin, managing director, Foss & Company. “This investment will allow us to continue building upon our current partnership with SRE, as well as advance our long-term mission of supporting a renewable energy future for all.”
Launched in 2017, SRE is a leading commercial solar company that has deployed more than $1.6 billion into clean energy assets in the past five years. This year, the company will have more than 400 MW of PV online, providing solar power to 50,000 homes.
— Solar Builder magazine