ARLINGTON, Va., Dec. 3, 2019 /PRNewswire/ -- Summit Ridge Energy (SRE) announced today the completion of "Simba," a 3.0 MW community solar farm built across 24 acres in Prince George's County, Maryland. The project was developed and built by Cypress Creek Renewables, who remains the O&M operator, and will be providing nearly 375 Maryland residences with savings via credits applied to their electricity bills. The project is owned and operated by Summit Ridge Capital, SRE's joint-venture fund with Annapolis, MD-based Hannon Armstrong Sustainable Infrastructure (NYSE:HASI).
"SRE is excited to turn on this community solar project in Maryland with our partners at Cypress Creek," said SRE CEO Steve Raeder. "Simba is the first of our 19 projects in the state that will come online by the end of 2020, and serves as a prime example of the 'win-win' benefits solar power can provide to residential customers."
"Today we join Summit Ridge Energy to celebrate the completion of Simba Solar, Maryland's newest community solar farm," said Sarah Slusser, CEO of Cypress Creek Renewables. "Located on land leased from the Brandywine Lions Club, Simba Solar generates new funds for this important civic club and renewable energy for Maryland residents."
When fully constructed in Q4 of 2020, SRE's community solar fleet in Maryland will generate ~35 GWh/year of credits representing over $5,000,000 in utility savings over the next 20 years for customers located throughout both BG&E and Pepco Service territories. This is enough electricity to power nearly 3,000 homes in the state of Maryland.
Maryland's renewable portfolio standard (RPS), which was expanded earlier this year, mandates that 50% of the state's electricity will be generated by in-state sources of renewable energy by 2030 and targets 100% by 2040. The Community Solar Pilot Program offers landowners the opportunity to create predictable, long-term income by hosting solar projects while providing access to solar energy and cost savings for neighboring residences. The Simba project, along with Summit Ridge Energy's additional assets, is amongst the first in the program to come online. Customers for the project were subscribed by Washington, D.C.-based Clean Choice Energy.
About Summit Ridge Energy
Summit Ridge Energy is a leading owner-operator of U.S. community solar projects. The team has been a strong force within the U.S. commercial solar market for years and was instrumental in the creation of "virtual" solar power purchase agreements and associated financing structures. Summit Ridge Energy has leveraged this experience to launch Summit Ridge Capital, a dedicated funding platform that is actively acquiring development assets and pre-operational projects within the rapidly growing community solar market. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com.
About Cypress Creek Renewables
Cypress Creek Renewables believes solar makes the world cleaner and healthier. With over 6 gigawatts of solar developed in more than a dozen states and more than 2.5 GW managed, Cypress Creek Renewables is one of the country's leading solar companies. For more information about Cypress Creek Renewables, please visit https://ccrenew.com.
SOURCE Summit Ridge Energy