Investment company Hannon Armstrong will assist solar developer Summit Ridge Energy (SRE) with the investment and building of commercial solar projects across the country. The first solar projects will come online in Maryland 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 MW of community solar power over the next few years.
“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 SRE has worked with, we’ve created a formidable funding platform that provides Summit Ridge with a competitive advantage in the rapidly growing community solar space.”
“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.”
News item from SRE