Hannon Armstrong and Summit Ridge Energy to Jointly Invest in Community Solar; Initial Projects Launching in Maryland
June 04 2019 - 4:45PM
Business Wire
Hannon Armstrong (NYSE: HASI), a leading investor in climate
change solutions and Summit Ridge Energy (SRE), a leading developer
of U.S. solar power plants, today announced that they will jointly
invest in community solar projects across several U.S. markets
including Maryland, where the initial solar power plants will come
online in Prince George’s and Baltimore Counties this summer.
As part of the agreement, Hannon Armstrong will provide
long-term financing to community solar projects developed and
acquired by Summit Ridge Energy across multiple states. Summit
Ridge is targeting construction of more than 250 megawatts of
community solar power over the next few years.
Community solar allows commercial and residential customers to
enjoy the carbon reducing benefits of solar without having to
install solar on their roof by allowing multiple customers to
purchase power from remotely sited solar plants. Community solar is
the fastest-growing market sector in the U.S. solar industry
according to GTM Research. New system community solar deployments
over the past five years have grown by 53 percent, compared to 26
percent growth for all solar in America.
Today, the U.S. community solar market accounts for 1 gigawatt
of installed capacity and recent estimates in a report issued by
Vote Solar suggest the market can sustainably scale to 50 to 70
times that size by 2030. A market increase of this size would
equate to more than 8 million new solar customers, including 2
million low-to-moderate income customers, and $100 billion in
capital investment.
"We are pleased to support Summit Ridge Energy with capital to
facilitate the continued expansion of their community solar
business,” said Hannon Armstrong President & CEO Jeffrey Eckel.
“Community solar combines the scale of grid-connected solar
projects with the economics of behind-the-meter solar. When you
consider the localized benefits of this novel clean energy
solution, it’s only fitting our first projects together will expand
solar power access for our fellow Marylanders.”
“SRE has extensive experience developing and acquiring community
solar assets,” said Summit Ridge Energy CEO, Steve Raeder.
“Together with Hannon Armstrong, whose understanding and commitment
to community solar distinguishes them from other investors we’ve
worked with, we’ve created a formidable funding platform that
provides Summit Ridge with a competitive advantage in the rapidly
growing community solar space.”
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) focuses on making investments in
climate change solutions by providing capital to the leading
companies in the energy efficiency, renewable energy and other
sustainable infrastructure markets. Our goal is to generate
attractive returns for our stockholders by investing in a
diversified portfolio of investments that generate long-term,
recurring and predictable cash flows from proven commercial
technologies. Based in Annapolis, Maryland, Hannon Armstrong is
proud to be the first U.S. public company solely dedicated to
investments that reduce carbon emissions or increase resilience to
climate change. For more information, please
visit www.hannonarmstrong.com. Follow Hannon Armstrong
on LinkedIn and Twitter @HannonArmstrong.
About Summit Ridge Energy
Summit Ridge Energy (SRE) is a leader in the development and
acquisition of U.S. community solar projects. SRE’s management team
includes seasoned solar industry professionals, each with years of
experience developing and financing commercial solar projects. The
team has been a leader in the commercial and industrial solar
industry for years, and was instrumental in the creation of
“virtual” power purchase agreements and associated financing
structures. SRE has leveraged this experience to create Summit
Ridge Capital, a dedicated funding platform that is actively
acquiring development assets within the rapidly growing community
solar vertical For more information, please visit srenergy.com.
Follow Summit Ridge Energy on LinkedIn and Twitter
@SummitRidgeEnrg.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190604006019/en/
Hannon Armstrong Contact:Gil
Jenkins443-321-5753media@hannonarmstrong.com
Summit Ridge Energy Contact:Brianna
Stevens720-250-7579brianna@boundarystone.com
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