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Summit Ridge Energy Closes $275MM in Financing Facilities with MUFG

November 21, 2023, 07:40 AM
Filed Under: Energy
Related: MUFG, Solar, Solar Energy

Summit Ridge Energy, the nation's largest commercial solar company, announced a $275 million expansion of its existing partnership with MUFG. The capital will be used for both construction and term debt financing, enabling Summit Ridge Energy to further expand its operations and execute on a growing community solar pipeline in Virginia and Illinois.

The two new debt facilities from MUFG will support the construction of up to 15 solar projects in Illinois and the construction and permanent financing of up to 15 solar projects in Virginia. This significant expansion positions Summit Ridge Energy as the market leader in Virginia with 75MWdc planned for construction in 2024 and sustains the company’s place as the market leader in Illinois by adding 45MWdc to an existing fleet of over 250MWdc across the state. Together these projects will provide bill credits to about 13,000 homes and businesses and deliver energy savings to low-income residents and commercial customers. ??

The $275 million upsize increases the $100 million partnership between Summit Ridge Energy and MUFG and creates more opportunities for job growth and economic development in both states.

“We are pleased to double-down on our partnership with MUFG, who we see as one of the premier financial institutions operating in this space, especially in this challenging debt market” said Brian Dunn, Chief Operating Officer at Summit Ridge Energy. “We know we can count on MUFG’s ability to scale with our significant and growing pipeline.”??

“MUFG is proud to expand our partnership with Summit Ridge Energy, the leading player in the North American commercial solar market,” said Takaki Sakai, Managing Director on the Project Finance Team in the Americas at MUFG. “We were impressed with Summit Ridge Energy’s capability to develop competitive and well-structured projects. We are excited that Summit Ridge Energy is aiming to play a further role in this field by scaling up the business and look forward to continuing to support its growth.”  

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