HASI and Summit Ridge Energy Expand Partnership with New 250 MW Community Solar Portfolio in Illinois and Maryland
August 29 2023 - 7:00AM
Business Wire
HASI (NYSE: HASI), a leading investor in climate solutions,
today announced an expansion of its partnership with Summit Ridge
Energy, the nation's leading commercial solar and energy storage
company, to construct, own, and operate a 250-megawatt (MW)
community solar portfolio.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230829294162/en/
Pictured: Jointly owned solar assets by
HASI and Summit Ridge Energy within the existing portfolio. "The
Bomber," a 9.2 MW rooftop community solar garden located in Carroll
County, Maryland, and "Blue Goose," a 2.7 MW ground-mounted
community solar project located in Whiteside County, Illinois.
(Photo Credit: Summit Ridge Energy)
Per the agreement, HASI will provide financing for Summit Ridge
Energy’s growing pipeline of community solar projects in Illinois
and Maryland over the next two years. Once complete, the portfolio
of ground-mounted and rooftop community solar projects will provide
energy savings to residential and small commercial customers and
avoid more than 51,000 metric tons of carbon dioxide emissions
annually—which is equivalent to eliminating the carbon emissions
generated from 118,000 barrels of crude oil.
This transaction doubles the size of an existing joint venture
between HASI and Summit Ridge Energy, announced in 2019. To date,
the partnership has supported the development of a 255 MW solar
portfolio and strengthened Summit Ridge Energy’s position as market
leader in Illinois and Maryland.
“We are delighted to deepen our partnership with Summit Ridge
Energy,” said Susan Nickey, Chief Client Officer of HASI. “This
latest transaction underscores our commitment to delivering
scalable and repeatable transactions to our clients as they seize
the tremendous opportunity of the energy transition. Our
programmatic, client-centric approach delivers long-term value to
our partners, and we look forward to supporting the rapid growth of
Summit Ridge Energy’s solar pipeline.”
“We’re proud to double-down on our formidable funding platform
with HASI which—since 2019—has seen Summit Ridge Energy
continuously expand our market share and become the largest
commercial solar company in the country,” said Steve Raeder, CEO at
Summit Ridge Energy. “This expanded partnership doubles the size of
the Summit Ridge Energy solar portfolio supported by HASI. The deal
is a mark of Summit Ridge Energy’s leadership in commercial solar
and ability to execute in a challenging economic environment.”
About HASI
HASI (NYSE: HASI) is a leading climate positive investment firm
that actively partners with clients to deploy real assets that
facilitate the energy transition. With more than $10 billion in
managed assets, our vision is that every investment improves our
climate future. For more information, please visit hasi.com.
About Summit Ridge Energy
Launched in 2017, Summit Ridge Energy is the nation’s leading
commercial solar company. Through its strategic partnerships and
project financing expertise, the company develops, acquires, owns
and operates energy projects within the rapidly growing commercial
solar and battery storage sectors.
In the past six years, Summit Ridge Energy has deployed over
$1.6B USD into clean energy assets. With a development pipeline of
more than 2 GW, Summit Ridge Energy will have more than 400 MW of
PV online by the end of 2023, providing solar power to 50,000 homes
and businesses. Learn more at srenergy.com and connect with us on
LinkedIn.
Forward-Looking Statements
Some of the information contained in this press release is
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended that are subject to
risks and uncertainties. For these statements, we claim the
protections of the safe harbor for forward-looking statements
contained in such Sections. These forward-looking statements
include information about possible or assumed future results of our
business, financial condition, liquidity, results of operations,
plans and objectives. When we use the words "believe," "expect,"
"anticipate," "estimate," "plan," "continue," "intend," "should,"
"may" or similar expressions, we intend to identify forward-looking
statements.
Forward-looking statements are subject to significant risks and
uncertainties. Investors are cautioned against placing undue
reliance on such statements. Actual results may differ materially
from those set forth in the forward-looking statements. Factors
that could cause actual results to differ materially from those
described in the forward-looking statements include those discussed
under the caption “Risk Factors” included in our most recent Annual
Report on Form 10-K as well as in other periodic reports that we
file with the U.S. Securities and Exchange Commission
Forward-looking statements are based on beliefs, assumptions and
expectations as of the date of this press release. We disclaim any
obligation to publicly release the results of any revisions to
these forward-looking statements reflecting new estimates, events
or circumstances after the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230829294162/en/
HASI
Media: Gil Jenkins media@hasi.com 443-321-5753
Investors: Neha Gaddam investors@hasi.com
410-571-6189
Summit Ridge Energy
Media: Theo Carroll press@sreenergy.com 347-723-7231
Business Development: business@srenergy.com
HA Sustainable Infrastru... (NYSE:HASI)
Historical Stock Chart
From Jun 2024 to Jul 2024
HA Sustainable Infrastru... (NYSE:HASI)
Historical Stock Chart
From Jul 2023 to Jul 2024