Summit Ridge Energy has acquired 19 community solar projects, located across Virginia, totaling 100 MW.
The portfolio was obtained 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, a subsidiary of Osaka Gas.
Virginia has invested $250 million towards construction and operation of the portfolio’s projects, which 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,” says Steve Raeder, Summit Ridge CEO. “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.”
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 the state’s Shared Solar Program.
Launched as part of the state’s Clean Economy Act, the Shared Solar Program is designed to support Virginia’s decarbonization goals and incentivize equitable access to clean energy.