Summit Ridge Energy and MUFG have expanded their existing partnership with the close of a $275 million financing round.
The two new debt facilities from MUFG will support the construction of up to 15 solar projects in Illinois, adding 45 MW DC to an existing fleet of over 250 MW DC across the state. The facilities will also support construction and permanent financing of up to 15 solar projects in Virginia, positioning Summit Ridge Energy with 75 MW DC planned for construction in the state next year. Together these projects aim to 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,” says Brian Dunn, Summit Ridge Energy’s COO. “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,” adds MUFG’s Takaki Sakai. “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.”
The upsize increases the previous $100 million partnership between Summit Ridge Energy and MUFG and creates more opportunities for job growth and economic development in both states.
