Summit Ridge Energy Announces Additional $67M Tax Equity Commitment with Foss & Company
The latest commitment will fund 13 community solar projects in Maine and Illinois and brings the total closed under the partnership to $122 million since 2021
ARLINGTON, Va. and SAN FRANCISCO, March 28, 2023 /PRNewswire/ — Summit Ridge Energy (SRE), the nation’s leading commercial solar company, announced today that it has secured a $67 million tax equity commitment from Foss & Company, a leading institutional investment fund sponsor. The partnership will fund more than 50 megawatts (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 thirteen 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 SRE and Foss & Company. 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 utilizes the Inflation Reduction Act’s (IRA) Qualified Advanced Energy Project Credit program. Once the rulemaking for Low and Moderate Income 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”.
“Foss & Company is proud to partner with SRE on another exciting portfolio of solar projects,” said Bryen Alperin, managing director, Foss & Company. “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. 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.”
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.
About Summit Ridge Energy
Launched in 2017, Summit Ridge Energy is the nation’s leading commercial solar company. Through its strategic partnerships and project financing expertise, the company develops and acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. In the past five years, SRE has deployed over $1.6B USD into clean energy assets. This year, SRE will have more than 400 MW of PV online, providing solar power to 50,000 homes.
About Foss & Company
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed nearly $8 billion in tax equity on behalf of insurance, banking, and other large corporate clients into tax credit enhanced transactions including historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise navigating the world of tax equity investments. For additional information, visit www.fossandco.com.
