Arlington, VA, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Summit Ridge Energy, the nation's largest commercial solar company, has announced a $275 million expansion of its existing partnership with MUFG, a leading global financial group. The capital will be used for both construction and term debt financing, enabling Summit Ridge Energy to further expand its operations and execute on a growing community solar pipeline in Virginia and Illinois.
The two new debt facilities from MUFG will support the construction of up to 15 solar projects in Illinois and the construction and permanent financing of up to 15 solar projects in Virginia. This significant expansion positions Summit Ridge Energy as the market leader in Virginia with 75MWdc planned for construction in 2024 and sustains the company’s place as the market leader in Illinois by adding 45MWdc to an existing fleet of over 250MWdc across the state. Together these projects will provide bill credits to about 13,000 homes and businesses and deliver energy savings to low-income residents and commercial customers.
The $275 million upsize increases the $100 million partnership between Summit Ridge Energy and MUFG and creates more opportunities for job growth and economic development in both states.
“We are pleased to double-down on our partnership with MUFG, who we see as one of the premier financial institutions operating in this space, especially in this challenging debt market” said Brian Dunn, Chief Operating Officer at Summit Ridge Energy. “We know we can count on MUFG’s ability to scale with our significant and growing pipeline.”
“MUFG is proud to expand our partnership with Summit Ridge Energy, the leading player in the North American commercial solar market,” said Takaki Sakai, Managing Director on the Project Finance Team in the Americas at MUFG. “We were impressed with Summit Ridge Energy’s capability to develop competitive and well-structured projects. We are excited that Summit Ridge Energy is aiming to play a further role in this field by scaling up the business and look forward to continuing to support its growth.”
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About Summit Ridge Energy
Launched in 2017, Summit Ridge Energy is the nation’s leading commercial solar company. Through its strategic partnerships and project financing expertise, the company develops, acquires, owns and operates energy projects within the rapidly growing commercial solar and battery storage sectors.
In the past six years, Summit Ridge Energy has deployed over $1.6B USD into clean energy assets. With a development pipeline of more than 2 GW, Summit Ridge Energy will have more than 400 MW of PV online by the end of 2023, providing solar power to 50,000 homes and businesses. Learn more at srenergy.com and connect with us on LinkedIn.
About MUFG and MUFG Americas
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. MUFG has nearly 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to be “the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.
MUFG’s Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. MUFG is one of the largest foreign banking organizations in the Americas. For locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.
