Summit Ridge acquires 19.5MW of Maine community solar assets from Cianbro
ARLINGTON, Va., July 7, 2021 /PRNewswire/ -- Summit Ridge Energy (SRE), the nation's leading owner-operator of community solar systems, announced today the acquisition of three solar projects in Maine from Cianbro. Two of the projects are currently under construction by Cianbro and are expected to be energized by the end of 2021. The third project will also be constructed by Cianbro and be energized by the end of 2022. In aggregate, the projects total 19.5MW.
Under Maine's Net Energy Bill, customers can reduce their monthly electricity expenditure by purchasing bill credits generated by community solar farms enabling households, businesses and municipalities to share in the savings generated from a single solar farm without incurring the cost of physically installing panels on their own premises.
"We're looking forward to energizing the portfolio later this year and are excited to be partnering with Maine's largest general contractor, Cianbro. The partnership will strengthen SRE's on-the-ground presence and expand our footprint of community solar assets across the state," said SRE Principal Jarryd Commerford. "2021 is expected to be a tremendous year for community solar deployment and our team is proud to be providing clean energy and utility savings for local Mainers."
"Since emerging as a viable option for customers, solar power has truly changed the energy market for both consumers and providers," said Andi Vigue, President and CEO of Cianbro. "Not only will this acquisition offer the people of central Maine a chance to lower electric costs, but it will also help leverage clean energy. We're excited to be partnering with SRE to offer customers this simple way to support green energy."
Once operational, the portfolio will generate clean power for approximately 3,500 Maine residents across CMP service territories. Aggregate savings on an annual basis for subscribed customers will total roughly $400,000.
About Summit Ridge Energy
Summit Ridge Energy is the country's leading owner-operator of community solar assets. Through dedicated funding platforms, the team acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com.
About Cianbro
With more than 70 years of experience, Cianbro is one of the largest, open shop, 100 percent employee-owned construction and construction services companies in the United States. They operate in diverse markets in over 40 states and employ over 4,000 multi-skilled team members. For more, visit Cianbro.com, or find them on LinkedIn, Facebook, Twitter or Instagram.
SOURCE Summit Ridge Energy
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