Daily Record Staff//August 30, 2023
//August 30, 2023
HASI, an Annapolis-based investor in climate solutions, Wednesday announced an expansion of its partnership with Summit Ridge Energy, a national commercial solar and energy storage company, to construct, own and operate a 250-megawatt (MW) community solar portfolio.
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.