Summit Ridge’s 100MW VA Solar Buy

Nov 29, 2023 05:42 PM ET

• Summit Ridge Energy expands solar capabilities in the Commonwealth of Virginia with 19 community solar projects and an investment of USD 250 million. Their portfolio will represent over two thirds of the state’s Shared Solar Program, with cost savings extended to low-income households. Discover how Summit Ridge is reshaping the energy landscape.

Summit Ridge Energy has announced the acquisition of 19 community solar projects totalling 100 MW in Virginia from seven different sellers. The projects, scattered across the state, are expected to be operational in late 2024 and will be supported by an investment of USD 250 million. This acquisition makes Summit Ridge the leader in the Commonwealth of Virginia, with its portfolio representing over two thirds of the projects under the state’s Shared Solar Program. Summit Ridge also commits to delivering cost savings to low-income households as part of the initiative.

What Are Summit Ridge’s Goals in Virginia’s 100 MW Solar Project Acquisition?

• Summit Ridge aims to add 100 MW of solar energy to the Commonwealth of Virginia, helping the state towards its goal of carbon neutrality.
• It will provide low-income households with more affordable and reliable electricity.
• Summit Ridge plans to create and maintain hundreds of local jobs in the development, construction and operation of the 19 community solar projects.
• The USD 250 million investment will ensure that the projects are operational in late 2024.
• Summit Ridge also pledges to actively engage communities and incorporate their feedback in the development of the projects.
• The company plans to use state-of-the-art technology to maximize efficiency and generate clean energy.
• The initiative will offer educational opportunities to local students and help them develop a better understanding of renewable energy.