Summit Ridge Energy (SRE), a commercial solar company, says it has secured a $67 million tax equity commitment from Foss & Company, an institutional investment fund sponsor. The partnership will fund more than 50 MW DC of community solar projects in Maine and Illinois.
The funding will support a development pipeline of 13 projects to provide residential and commercial subscribers with clean energy and an opportunity to support the local renewable economy.
This latest funding builds on the relationships between SRE and Foss & Company. Together, they have closed $122 million in tax equity commitments in two years. SRE first partnered with Foss & Company in April 2021, securing a $55 million tax equity commitment that funded 73 MW of solar projects that achieved commercial operations in late 2021.
This investment utilizes the Inflation Reduction Act’s Qualified Advanced Energy Project Credit program. Once the rulemaking for low and moderate Income community incentives and domestic content requirements program is finalized, the firms expect to expand their partnership and make renewable energy more accessible, both in underserved and traditional energy communities.
“In addition to targeting robust cash flow and economic returns for our investors, this portfolio is expected to increase access to low-cost clean energy for thousands of families and small businesses in Illinois and Maine,” says Bryen Alperin, managing director, Foss & Company. “This investment will allow us to continue building upon our current partnership with SRE, as well as advance our long-term mission of supporting a renewable energy future for all.”
SRE started construction on the portfolio in early 2023 and expects the projects to achieve commercial operations in 2024. 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.