Summit Ridge Energy, a solar project developer, announced the acquisition of 19 community solar projects totaling 100 MW across the Commonwealth of Virginia. The acquired portfolio comprises projects spanning from Virginia’s southernmost border up to the Richmond and the D.C. metropolitan areas.
The projects, expected to be operational by the end of 2024, will generate enough power to lower the energy bills for 12,600 homes across 16 counties.
The Shared Solar Program, launched as part of the Virginia Clean Economy Act, is designed to support the state’s decarbonization goals and incentivize equitable access to clean energy.
The acquisition is expected to enable Summit Ridge to deliver 100% of the solar energy cost savings to low-income households.
The portfolio of 19 community solar projects was acquired from seven partners, including Apex Clean Energy, ESA Solar, ForeFront Power, New Leaf Energy, RWE Clean Energy, and SolAmerica Energy. The acquisitions were made by Summit Ridge’s joint venture with Osaka Gas USA Corporation, a subsidiary of Osaka Gas Co., Ltd.
“This new portfolio is an example of our ability to execute in a challenging economic environment and demonstrates our commitment to our home state of Virginia,” said Steve Raeder, Chief Executive Officer at Summit Ridge. “More importantly, all of the savings generated by each solar project will be offered to low-income customers, reducing electricity bills for thousands of Virginia households.”
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were a total of 166 project acquisitions for 31.6 GW compared to 207 projects acquired for 52.1 GW in 9M 2022.
Rubis Photosol, an independent French energy operator, recently acquired a 29 MW solar portfolio in Spain from the European Solar Energy Development JV, a collaborative venture established between Emeren and Eiffel Investment Group, a French asset manager.