Summit Ridge Energy and HASI have closed a $309 million back-leveraged term loan on a portfolio of 80 operating community solar projects.
The 216 MW portfolio, built by Summit Ridge, includes ground-mount and rooftop community solar projects throughout Illinois and Maryland.
“We’re thrilled to partner with Bank of America, Nomura Securities International, Prudential Private Capital and MetLife Investment Management to close this significant investment, which demonstrates the appetite for community solar as an asset class within the capital markets,” says Adam Kuehne, CIO at Summit Ridge Energy.
“We’re also proud of our five-year community solar partnership with HASI and invigorated by the finance community’s confidence in our joint portfolio and approach. Our team is committed to continue investing in and expanding access to clean, renewable energy for communities nationwide.”
Lenders included Bank of America, Nomura Securities International, Prudential Private Capital and MetLife Investment Management. Bank of America acted as the sole structuring and placement agent and joint lead arranger. Nomura acted as the joint lead arranger.
The projects are owned by Summit Ridge Capital Holdings, a joint venture between Summit Ridge Energy and HASI.
