Summit Ridge Energy, a commercial solar company, announced a $275 million expansion of its existing partnership with MUFG through two new debt facilities. The $275 million upsize increases the previous $100 million partnership between Summit Ridge Energy and MUFG.
Summit Ridge Energy will use the capital for both construction and term debt financing, enabling Summit Ridge Energy to further expand its operations and execute on its 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 expansion positions Summit Ridge Energy to attain 75MWdc planned for construction in 2024 in Virginia and add 45MWdc to an existing fleet of more than 250MWdc across Illinois. Together, these projects will provide bill credits to about 13,000 homes and businesses.
“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,” Brian Dunn, chief operating officer at Summit Ridge Energy, said. “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,” Takaki Sakai, managing director on the project finance team in the Americas at MUFG, said. “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.”
