Arlington, VA, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Summit Ridge Energy, the nation’s leading commercial solar company, and HASI, a leading investor in climate solutions, closed a $309 million back-leveraged term loan on a portfolio of 80 operating community solar projects. The loan, which demonstrates the depth of project finance demand for community solar, was made by a syndicate of lenders, including Bank of America, Nomura Securities International, Inc., Prudential Private Capital, and MetLife Investment Management. Bank of America acted as the sole Structuring and Placement Agent and Joint Lead Arranger; Nomura acted as the Joint Lead Arranger. The projects are owned by Summit Ridge Capital Holdings, a joint venture between Summit Ridge Energy and HASI.
Built by Summit Ridge over the last five years, the portfolio includes both ground-mount and rooftop community solar projects totaling 216 MW, providing energy savings to nearly 20,000 residential and small commercial customers throughout Illinois and Maryland.
“We’re thrilled to partner with Bank of America, Nomura Securities International, Prudential Private Capital, and MetLife Investment Management to close this significant investment, which demonstrates the appetite for community solar as an asset class within the capital markets,” said Adam Kuehne, Chief Investment Officer at Summit Ridge Energy. “We’re also proud of our 5-year community solar partnership with HASI and invigorated by the finance community’s confidence in our joint portfolio and approach. Our team is committed to continue investing in and expanding access to clean, renewable energy for communities nationwide."
About Summit Ridge Energy
As the nation’s leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver clean, locally generated energy. This has made Summit Ridge one of the fastest-growing energy companies in America.
Since launching in 2017, the company has deployed over $2B into clean energy assets and controls a development pipeline of more than 3GW that will provide solar power to homes and businesses nationwide. Learn more at srenergy.com and connect with us on LinkedIn.
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