ARLINGTON, Va., April 14, 2021 /PRNewswire/ -- Summit Ridge Energy (SRE) announced today that it has secured a $55 million tax equity commitment from investment manager Foss & Company. The partnership will fund approximately 73 MWdc portfolio of residential and commercial community solar projects across Illinois, Maryland and Maine.
"As the leader in the acquisition and financing of community solar projects, Summit Ridge is pleased to partner with Foss & Company on this portfolio of projects across three states," said Brian Dunn, SRE's Chief Operating Officer. "The expansion of community solar is vital to the decarbonization of our electricity grid and will allow Americans to save millions of dollars in utility spend every year."
The portfolio will create more than 675 construction and installation jobs, and will provide ongoing, positive economic benefits to the community – approximately $7.5 million in tax revenue – over the next 30 years. The systems are projected to add enough solar electricity to the grid to power nearly 9,000 homes each year, and offset the greenhouse gas emissions equivalent of just about 16,000 passenger vehicles driven annually.
"Foss & Company is proud to partner with SRE on this innovative community solar portfolio," said Bryen Alperin, Director of Renewable Energy & Sustainable Technologies, Foss & Company. "This investment is a continuation of our broader effort to make ESG-focused tax equity investments that bring jobs, economic benefits, and low-cost renewable energy generation to communities across America."
SRE started construction on the portfolio in 2020 and expects each project to achieve commercial operations in 2021. 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
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 Foss and Company
Since 1983, Foss & Company has been a reliable resource, working with institutional clients around the country to find the best investment solutions to meet their strategic tax planning needs. These tax credit solutions result in low-risk, sustainable options with predictable, risk adjusted returns. With over $7 billion in equity raised, Foss & Company is a full-service advisor with proven expertise navigating the world of tax credit investment, resulting in accessible and efficient tax advantage investments. For more information, visit www.fossandco.com.
SOURCE Summit Ridge Energy