Summit Ridge Energy Sells $40m Virginia Solar Tax Credits

• Summit Ridge Energy sells $40 million in tax credits for community solar projects, expanding renewable energy in Virginia and benefiting underserved communities.

Summit Ridge Energy has sold USD 40 million of transferable tax credits from community solar projects in Virginia. The transaction was brokered by green finance platform Reunion with an undisclosed real estate company. The proceeds will be used to expand community solar projects, with a focus on disadvantaged communities that qualify for energy and low-income community bonus adders.

The portfolio includes projects in areas eligible for incentives under the Inflation Reduction Act of 2022. Summit Ridge Energy aims to continue developing community solar projects in Virginia and other states, contributing to the growth of renewable energy and benefiting underserved communities. The sale of tax credits demonstrates the increasing interest in sustainable investments and the potential for financial returns in the renewable energy sector.

How will Summit Ridge Energy use $40 million from tax credit sale?

• Summit Ridge Energy will use the $40 million from the tax credit sale to expand their community solar projects in Virginia and other states.
  
• The focus will be on developing projects in disadvantaged communities that qualify for energy and low-income community bonus adders.
  
• The portfolio includes projects in areas eligible for incentives under the Inflation Reduction Act of 2022, further incentivizing the development of renewable energy projects.
  
• The sale of tax credits demonstrates Summit Ridge Energy's commitment to sustainable investments and the potential for financial returns in the renewable energy sector.
• By reinvesting the proceeds from the tax credit sale into new projects, Summit Ridge Energy is contributing to the growth of renewable energy and benefiting underserved communities.