Summit Ridge, HASI secure $309M debt for 216MW solar
- Summit Ridge Energy and HASI secure $309M for 216-MW solar portfolio, powering 20,000 customers in Illinois and Maryland. Major lenders include Bank of America and MetLife.
Summit Ridge Energy and HASI have secured a $309 million debt financing facility for a 216-MW community solar portfolio in Illinois and Maryland. The loan will support 80 ground-mounted and rooftop PV parks currently providing electricity to nearly 20,000 residential and small commercial customers. The lenders involved in the deal include Bank of America, Nomura Securities International, Prudential Private Capital, and MetLife Investment Management.
The projects are owned by Summit Ridge Capital Holdings, a JV between Summit Ridge Energy and HASI, established in 2019 and expanded last summer with an additional 250 MW of projects. This financing will help further the development of renewable energy infrastructure and expand access to solar power for communities in Illinois and Maryland.
How will $309 million debt financing benefit Summit Ridge Energy's solar projects?
- The $309 million debt financing will allow Summit Ridge Energy to continue developing and expanding their solar projects in Illinois and Maryland.
- The funding will support the construction of 80 ground-mounted and rooftop PV parks, increasing the capacity of renewable energy generation in the region.
- The projects currently provide electricity to nearly 20,000 residential and small commercial customers, and the financing will help expand access to solar power for more communities.
- The lenders involved in the deal, including Bank of America, Nomura Securities International, Prudential Private Capital, and MetLife Investment Management, demonstrate confidence in the viability and success of Summit Ridge Energy's solar portfolio.
- This financing will contribute to the growth of renewable energy infrastructure and help reduce carbon emissions in the region, supporting sustainability goals and environmental initiatives.