Summit Ridge Energy, a commercial solar company, closed a $305 million senior secured credit facility with Bank of America to support a portfolio of community solar projects across Illinois and Maryland, totaling 158 megawatts (MW) of capacity. The facility was raised alongside HASI, an investor in sustainable infrastructure assets.
The financing package, which includes a $281 million term loan and a $24 million letter of credit facility, will provide term financing for the portfolio.
Bank of America acted as structuring agent, syndication agent, coordinating lead arranger, administrative agent, hedge provider and LC fronting bank for the oversubscribed transaction, which included ING Capital as green loan structuring agent and coordinating lead arranger, and KeyBanc Capital Markets as coordinating lead arranger.
“This financing marks another significant milestone for Summit Ridge,” Adam Kuehne, chief investment officer at Summit Ridge Energy, said. “Expanding our partnership with Bank of America enables us to grow our footprint in Illinois and Maryland, providing cost savings for thousands of customers while advancing America’s energy independence with U.S.-made components and local labor.”
“We are pleased to collaborate with Summit Ridge on this energy portfolio,” Omer Farooq, head of asset finance within the global sustainable and infrastructure finance group at Bank of America, said. “Our support for distributed energy projects underscores our ability to advance energy solutions that also contribute to local economic development.”
