Megawatts
31
Project Site
NYU Langone Hospital
Project Partner
Summit Ridge Energy
Impact
Sustainability
Project Details
Community Solar Development
In partnership with Summit Ridge Energy, the nation’s leading commercial solar and energy storage company, NT Solar provided a solar tax credit investment to support the development of two standalone Tesla MegaPack battery storage systems in New York City. This is NT Solar’s first stand-alone battery storage investment and the fourth portfolio investment with Summit Ridge Energy; both made possible through NT Solar’s Climate Impact and Revitalization Fund.
NT Solar first partnered with Summit Ridge Energy in 2020 to provide an equity investment in the solar tax credits generated by the creation of a portfolio of twelve ground- and roof-mounted sites across Illinois and Maryland, which was at one point the largest roof-mounted solar installation in the country.
“Summit Ridge Energy and NT Solar are working together to make electric supply more resilient and provide clean energy savings for NYU Langone Hospital. Our ongoing partnership with NT Solar supports our goal of strengthening New York City’s grid while lowering power bills for the city’s major institutions.”
Once complete, the 31 MWh-capacity system will provide bill credits to the NYU Langone Hospital, one of the nation’s premier academic medical centers, serving more than 60,000 patients annually. The hospital signed an offtake agreement to purchase bill credits from the Energy Storage System to support its sustainability goals.
As part of the hospital’s commitment to becoming a carbon-neutral health system by 2050 and 50% neutral by 2030, the hospital will utilize stored energy within the battery systems during peak hours, reducing the hospital’s demand on the grid during periods of high electricity consumption in NYC, thereby increasing grid resiliency.
The installations, which will reach commercial operation in mid-2023, were spearheaded by Summit Ridge Energy. In addition to the ITC investment, NT Solar will provide compliance, reporting, and asset management services through the investment cycle.
About Summit Ridge Energy
Partnership at Work
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 creating “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.
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