Summit Ridge Energy and NT Solar partner in inaugural tax equity deal
ARLINGTON, Va., Dec. 9, 2020 /PRNewswire/ -- Summit Ridge Energy (SRE) and NT Solar, a subsidiary of the National Trust Community Investment Corporation (NTCIC), today announced the closing of a tax equity partnership to finance eleven community solar projects, comprising 27 MWdc, across Illinois and Maryland. The portfolio is expected to be placed in service in 2020.
"Summit Ridge is pleased to have worked with NTCIC via CohnReznick Capital as an advisor on the remaining portion of our 2020 community solar portfolio," said Adam Kuehne, Chief Investment Officer of SRE. "The NTCIC team worked quickly and efficiently, and as a result, an additional 4,000 households will begin seeing the benefits of community solar."
"We believe in the value of making solar power available to commercial and residential subscribers across multiple communities," noted Karin Berry, Manager of NT Solar. "The cost savings and environmental benefits will make a difference for years to come."
"Summit Ridge Energy has yet again demonstrated its sector leadership in community solar by forging this new partnership with NTCIC despite challenging market conditions," said Richard O'Day, Senior Managing Director at CohnReznick Capital.
Summit Ridge currently has 47 projects in operation or under construction across the United States with another 25 set to commence construction by the end of the second quarter of 2021, representing approximately 183 MWdc of community solar that will be operational by the end of 2021. Projected annual cost savings for customers subscribing to these projects is more than $1,500,000.
Despite the COVID-19 crisis, community solar remains the fastest growing segment within the U.S. solar market driven largely by predictable customer savings without the need to physically install solar on one's home or business.
SEIA reports that with the right federal and state policies in place, the solar industry will employ more than half a million Americans by 2025. With the incoming Biden Administration prioritizing the transition to a clean energy economy, that projection could increase significantly.
About Summit Ridge Energy
Summit Ridge Energy is the leading owner-operator of U.S. community solar projects. The team has been a strong force within the U.S. commercial solar market for years and was instrumental in the creation of "virtual" solar power purchase agreements and associated financing structures. Summit Ridge Energy has leveraged this experience to launch Summit Ridge Capital, a dedicated funding platform that acquires pre-operational projects within the rapidly growing community solar energy sector. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com.
About NTCIC and NT Solar
NTCIC, an affiliate of the National Trust for Historic Preservation, is among the largest tax credit syndicators in America. The organization supports the country's architectural heritage, community development, and renewable energy initiatives through the provision of Federal and State Historic Preservation, Low-Income Housing, New Markets, and Renewable Energy Tax Credits. Since its inception in 2000, NTCIC has provided tax credit financing of over $1.6 billion in capital for over 200 transactions nationwide. NT Solar was established in 2012 to support solar investments that generate meaningful community impact and provide cost-effective energy options to low-income communities.
About CohnReznick Capital
At CohnReznick Capital, we provide superior investment banking services to the sustainability sector. Since 2008, we have executed more than 185 project and corporate transactions for renewable energy assets, valued at over $25 billion in aggregate. We are wholly committed to the clean energy transition and deliver exceptional services for financial institutions, infrastructure funds, strategic participants (IPPs and utilities), and leading global clean energy developers. Our team of experts helps our clients break through the dynamic and evolving sustainability sector by simplifying project finance, M&A, capital raising, and special situations. To learn more, please visit https://www.cohnreznickcapital.com, follow @CR_Capital on Twitter, or connect with us on LinkedIn.
SOURCE Summit Ridge Energy
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