Arlington, VA, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Summit Ridge Energy, the nation's leading commercial solar company, today announced the acquisition of 19 community solar projects totaling 100 megawatts (MW) located across the Commonwealth of Virginia. The portfolio makes Summit Ridge the market leader in its home state of Virginia and represents more than two thirds of the projects to be built under Virginia’s Shared Solar Program.
Launched as part of the Virginia Clean Economy Act, the Shared Solar Program is designed to support the state’s decarbonization goals and incentivize equitable access to clean energy. This acquisition will enable Summit Ridge to deliver 100 percent of the solar energy cost savings to low-income households.
The 100 MW portfolio, comprised of projects spanning from Virginia’s southernmost border up to the Richmond and the D.C. metropolitan areas, will generate enough power to lower the energy bills for 12,600 homes across 16 counties. All projects are expected to be operational in late 2024.
The portfolio of 19 community solar projects were acquired from seven partners, including Apex Clean Energy, ESA Solar, ForeFront Power, New Leaf Energy, RWE Clean Energy and SolAmerica Energy. The acquisitions were made by Summit Ridge’s joint venture with Osaka Gas USA Corporation, a subsidiary of Osaka Gas Co., Ltd.
The construction and operation of the projects represent a $250 million investment in Virginia by Summit Ridge and will provide more than 1,000 jobs for construction workers, vendors and local businesses.
“This new portfolio is an example of our ability to execute in a challenging economic environment and demonstrates our commitment to our home state of Virginia,” said Steve Raeder, Chief Executive Officer at Summit Ridge. “More importantly, all of the savings generated by each solar project will be offered to low-income customers, reducing electricity bills for thousands of Virginia households”.
Virginia customers who are interested in participating in Virginia’s Shared Solar Program can learn more by contacting our partner Arcadia.
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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 2024, providing solar power to 50,000 homes and businesses. Learn more at srenergy.com and connect with us on LinkedIn.
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