SAN FRANCISCO, Aug. 9, 2024 /PRNewswire/ -- Reunion, a leading clean energy finance company, today announced that it has collaborated with Summit Ridge Energy, the leading commercial solar company in the United States, to sell approximately $40 million of transferable tax credits from a portfolio of community solar projects in Virginia.
The purchaser of these tax credits is a privately held real estate company.
These tax credit sales were made possible by the Inflation Reduction Act of 2022 and will immediately enable Summit Ridge to expand its footprint of clean energy assets in disadvantaged communities across the United States. Several of the projects in Summit Ridge's portfolio are located in areas that qualify for the IRA's energy community and low-income community bonus adders.
Adam Kuehne, Chief Investment Officer of Summit Ridge Energy, said, "The ability to transfer investment tax credits helps us accelerate our deployment of clean, sustainable energy in many communities across the country."
Andy Moon, CEO of Reunion, said, "Our team is proud to partner with Summit Ridge, a leader in supporting the shift to renewable energy. Given the company's position in community solar, we were able to quickly identify and support a transaction with a taxpayer interested in purchasing tax credits from their clean energy projects."
Based in Arlington, Virginia, Summit Ridge is an experienced community solar developer, operating over 100 assets throughout the Northeast, Mid-Atlantic, and Midwest. By the end of 2024, the company will operate more than 600 MW of solar and 60 MWh of battery storage capacity, serving more than 50,000 residential and commercial customers.
About Reunion Infrastructure:
Reunion facilitates the purchase and sale of clean energy tax credits, and has worked with major corporations to purchase over $1.5 billion in tax credits from solar, wind, storage, advanced manufacturing, and other clean energy projects. Our curated marketplace features billions of dollars in high quality tax credit opportunities, and our team of clean energy finance veterans supports buyers and sellers through each step of the transaction process, with a focus on commercial negotiation, due diligence and risk mitigation. To learn more, visit www.reunioninfra.com and download our comprehensive handbook on clean energy tax credit transfers.
SOURCE Reunion Infrastructure
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