Summit Ridge Energy – an owner and operator of community solar assets, secured $15 million in funding for constructing two lithium-ion battery energy storage systems (BESS) projects totaling 31 MWh in Staten Island, New York.
Fundamental Renewables, formerly MMA Energy Capital, provided the funding through two loans.
So far, Fundamental Renewables has invested over $765 million in Summit Ridge through multiple constructions, development, and equipment loans.
The BESS projects have been awarded a Block Incentive through the NYSERDA Retail Energy Storage Incentive Program and will operate under New York’s Value of Distributed Energy Resources tariff.
“The successful closing of the latest construction loans for stand-alone storage with Summit Ridge underscores our commitment to supporting industry leaders and distributed storage developers in the solar community,” said Bob Hopper, Senior Advisor at Fundamental Renewables.
“The latest construction financing from Fundamental Renewables will enable us to further execute on our ongoing efforts to support the transition to a sustainable, low-carbon energy economy,” said Brian Dunn, Chief Operating Officer of Summit Ridge.
Since its inception in 2015, Fundamental Renewables has closed on over $5 billion of renewable energy development and construction loans.
In April 2022, Jupiter Power – a developer and operator of utility-scale battery energy storage systems – raised $174.6 million in portfolio debt financing for six battery energy storage projects.
Around $11.7 billion was raised in five deals in the first quarter of 2022, compared to $2.4 billion in six deals in Q4 2021 and $3.7 billion in four deals in Q1 2021, according to Mercom’s recent funding and M&A report on Battery Storage, Smart Grid, and Efficiency.
Earlier this year, Cypress Creek Renewables (CCR), a developer and operator of utility-scale and distributed solar and energy storage projects, closed a $450 million debt facility to expand its solar and storage project pipeline.