Community Solar

Summit Ridge Energy to develop 250 MW community solar portfolio

Summit Ridge Energy to develop 250 MW community solar portfolio
"The Bomber," a 9.2 MW rooftop community solar garden located in Carroll County, Maryland (Courtesy: Summit Ridge)

HASI, an investor in climate solutions, announced an expansion of its partnership with Summit Ridge Energy, a commercial solar and energy storage company, to construct, own, and operate a 250-MW community solar portfolio.

Per the agreement, HASI will provide financing for Summit Ridge Energy’s growing pipeline of community solar projects in Illinois and Maryland over the next two years. Once complete, the portfolio of ground-mounted and rooftop community solar projects will provide energy savings to residential and small commercial customers and avoid more than 51,000 metric tons of carbon dioxide emissions annually – which is equivalent to eliminating the carbon emissions generated from 118,000 barrels of crude oil. 

“Blue Goose,” a 2.7 MW ground-mounted community solar project located in Whiteside County, Illinois. (Photo Credit: Summit Ridge Energy)

This transaction doubles the size of an existing joint venture between HASI and Summit Ridge Energy announced in 2019, which has supported the development of a 255 MW solar portfolio.

GO DEEPER: Renewable Properties founder and president Aaron Halimi joined Episode 33 of the Factor This! podcast to discuss the future of community solar in California which, to date, has lagged behind other markets, despite the state’s role as a leader of the energy transition. Subscribe wherever you get your podcasts.

“We’re proud to double-down on our formidable funding platform with HASI which—since 2019—has seen Summit Ridge Energy continuously expand our market share and become the largest commercial solar company in the country,” said Steve Raeder, CEO at Summit Ridge Energy. “This expanded partnership doubles the size of the Summit Ridge Energy solar portfolio supported by HASI. The deal is amark of Summit Ridge Energy’s leadership in commercial solar and ability to execute in a challenging economic environment.”

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