The financing package, which includes a $281 million term loan and a $24 million letter of credit facility, will provide term financing for the portfolio. The projects are expected to deliver reliable energy savings to 5,000 households and businesses, while generating significant local tax revenue and creating 3,000 jobs in construction, engineering, and long-term operations.
Bank of America acted as Structuring Agent, Syndication Agent, Coordinating Lead Arranger, Administrative Agent, Hedge Provider, and LC Fronting Bank for the oversubscribed transaction, which included ING Capital as Green Loan Structuring Agent and Coordinating Lead Arranger, and KeyBanc Capital Markets as Coordinating Lead Arranger.
"This financing marks another significant milestone for Summit Ridge," said Adam Kuehne, Chief Investment Officer at Summit Ridge Energy. "Expanding our partnership with Bank of America enables us to grow our footprint in Illinois and Maryland, providing cost savings for thousands of customers while advancing America's energy independence with U.S.-made components and local labor."
"We are pleased to collaborate with Summit Ridge on this energy portfolio," said Omer Farooq, Head of Asset Finance within the Global Sustainable & Infrastructure Finance Group at Bank of America. "Our support for distributed energy projects underscores our ability to advance energy solutions that also contribute to local economic development."
Impact and benefits
The Summit Ridge Energy portfolio will:
- Provide long-term energy savings for 5,000 households and businesses.
- Create 3,000 construction, supplier, and operations jobs across Illinois and Maryland.
- Strengthen local grids with distributed energy that improves reliability and promotes American independent power.
This portfolio expands Summit Ridge's leadership position in solar, now with more than 2 GW of projects in operation or development nationwide.
Summit Ridge Energy
As the nation's leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development.
Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar facilities, providing energy savings to more than 42,000 homes and businesses while contributing to American energy independence. Learn more at srenergy.com and connect with us on LinkedIn.
Reporters may contact
Summit Ridge Energy Contact
Media
[email protected]
Business Development
[email protected]
Bank of America Contact
Sheryl Lee
Phone: 1.657.234.9950
[email protected]
SOURCE Bank of America Corporation
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