THE PROJECT
The NT Solar team financed twelve community solar projects with Summit Ridge Energy (SRE) through NTCIC’s newly created Climate Impact and Revitalization Fund (CIRF). The ground- and roof-mounted sites are located in Illinois and Maryland and will generate more than $26 million in solar investment tax credits (ITC). The installations will sell power between a 5 – 10% discount to current retail utility rates under their local community solar programs, the Illinois Adjustable Block Program for community solar, and the Maryland Community Solar Pilot Program.
“Summit Ridge is pleased to have worked with NT Solar as an advisor on the remaining portion of our 2020 community solar portfolio, “said Adam Kuehne, Chief Investment Officer of SRE. “The NT Solar team worked quickly and efficiently, and as a result, an additional 4,000 households will begin seeing the benefits of community solar.”
The 26.7 MW installations, which will generate an estimated 40.3 million kilowatt-hours (kWh) per year of renewable energy annually:
- Creates enough electricity to take nearly 4,900 homes off the grid
- Is the equivalent of burning over 31 million pounds of coal
- Sequesters the same amount of carbon from the atmosphere as over 37,000 acres of forest
- Offsets the CO2 emissions generated from consuming 31 million gallons of gasoline annually
ABOUT SUMMIT RIDGE ENERGY
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.