Summit Ridge Energy (SRE), a commercial solar energy company, says it received a $67 million tax equity loan Foss & Company, an institutional investment fund financier. The partnership is financing more than 50 MW of DC community solar projects in Maine and Illinois.
The funding supports the development pipelines of 13 projects that offer residential and business customers clean energy and the opportunity to support the local renewable economy.
This latest financing builds on the relationship between SRE and Foss & Company. Together, they have made $122 million in tax liabilities in two years. SRE partnered with Foss & Company in April 2021 and received a $55 million tax equity commitment to finance 73 MW of solar projects that began commercial operations in late 2021.
This investment takes advantage of the Inflation Reduction Act’s Qualified Advanced Energy Project Credit program. With the completion of rule work on low- and moderate-income community incentives and domestic content requirements, the companies expect to expand their partnership and improve access to renewable energy in both underserved and traditional energy communities.
“In addition to pursuing strong cash flow and financial returns for our investors, this portfolio is expected to increase access to affordable clean energy for thousands of families and small businesses in Illinois and Maine,” said Bryen Alperin, CEO of Foss & Maine. Company. “This investment allows us to continue to build on our existing partnership with SRE, as well as advance our long-term mission to support a renewable energy future for all.”
SRE began building the portfolio in early 2023, and the projects are expected to reach commercial operation in 2024. Once underway, the projects will produce clean electricity and energy savings for residential and business customers in six municipal service areas. Commercial customers include small, medium and large companies that remotely commission community solar projects.