Summit Ridge Energy, the US leading owner and operator of community solar projects, announced this Thursday it reached completion of the first project of a 200-megawatt portfolio in Maine. Located in Hermon, the 6,3MWdc project will serve 850 households and small businesses in the region.
Moreover, the milestone came right after the company started constructing another community solar project on October 13. The first of 13 projects under a 44 MW portfolio operating under Maine’s NEB program.
On the other hand, the project announced today is a joint venture ownership between Summit Ridge and Osaka Gas USA. It is the first of a 24 MW portfolio financed in partnership with Foss & Company and Live Oak Bank. Those institutions will provide tax equity and a commitment to long-term debt, respectively.
The projects would start operations next summer; the solar panel installation will help offset 34,619 metric tons of carbon, equivalent to 3,895,465 gallons of gasoline consumed in a year.
Furthermore, the achievements of Summit Ridge and its partners will help the state’s climate race. In December last year, the state released a climate action plan to create economic opportunities for the state; encouraging the growth of the clean energy economy; creating incentives for consumer, business and industry to invest in clean energy projects.
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Summit Ridge Energy and Osaka Gas pushing Maine forward into climate action plan
In addition, Governor Mills included an ambitious goal to more than double Maine’s clean energy and energy efficiency jobs to 30,000 by 2030; and achieve carbon neutrality by 2045.
About the matter, Bryen Alperin, Director of Renewable Energy & Sustainable Technologies, Foss & Company, said. “We are proud to support highly impactful projects such as these. Not only will they reduce energy costs for local residents and small businesses and expand access to renewable energy, they will also contribute in a very positive way to economic growth in the state.”
On the other hand, Jennifer Williams, Senior Vice President of Renewable Energy, Live Oak Bank, said. “We’re proud to partner with SRE and Osaka on these community solar projects in Maine, which will afford a significant number of residents and business owners access to renewable energy.”
Finally, Adam Kuehne, Chief Investment Officer, SRE, concluded. “SRE and our JV partners at OGUSA are excited that both Foss & Company and Live Oak Bank are motivated to deploy capital into the rapidly growing community solar sector alongside us.”
