Summit Ridge Energy and Osaka Gas Reach Solar Milestones in Maine

Rhea-AI Summary

Summit Ridge Energy has successfully completed the first project in its 200 MW Maine community solar portfolio, a 6.3 MWdc solar array in Hermon, ME. This project will provide solar energy to 850 households and small businesses. The project is part of a 24 MW portfolio in partnership with Osaka Gas USA, Foss & Company, and Live Oak Bank. Once operational next summer, the solar arrays are expected to offset 34,619 metric tons of carbon emissions, equivalent to nearly 3.9 million gallons of gasoline. This initiative aims to deliver low-cost renewable energy and promote economic growth in Maine.

Positive

• Completion of a 6.3 MWdc solar project serving 850 households and small businesses.
• Part of a larger 200 MW community solar portfolio with future growth potential.
• Partnership with financial institutions like Foss & Company and Live Oak Bank strengthens funding for renewable projects.
• Projected carbon offset of 34,619 metric tons, contributing to environmental sustainability.

Negative

• None.

ARLINGTON, Va., Nov. 4, 2021 /PRNewswire/ -- Summit Ridge Energy ("SRE") announced today the completion of the first project in their 200 MW Maine community solar portfolio, a 6.3 MWdc array in Hermon, ME that will serve 850 households and small businesses across the state.

The project, owned through SRE's joint venture with Osaka Gas USA ("OGUSA") announced in June, is the first of a 24 MW portfolio that will be financed in partnership with Foss & Company providing tax equity and Live Oak Bank committing long term debt. When operational next summer, the solar arrays are expected to offset 34,619 metric tons of carbon which is equivalent to 3,895,465 gallons of gasoline consumed in a year.

"SRE's culture of execution relies on financial partners who are as committed to community solar as we are," said Adam Kuehne, Chief Investment Officer, SRE. "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."

"OGUSA is excited to reach this key milestone within our JV with SRE. We look forward to our continued collaboration with SRE, Foss & Company and Live Oak Bank to deliver low-cost clean energy to homes and businesses through Maine," said Shigeki Enomoto, Senior Vice President, OGUSA.

"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," said Bryen Alperin, Director of Renewable Energy & Sustainable Technologies, Foss & Company. "Making tax equity investments in community solar projects furthers Foss & Company's mission of bringing sustainable jobs, economic benefits, and low-cost renewable energy generation to communities across America."

"Live Oak Bank is committed to unlocking capital for energy and infrastructure opportunities that drive rural job creation and climate solutions in communities across the U.S.," said Jennifer Williams, Senior Vice President of Renewable Energy, Live Oak Bank. "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."

About Summit Ridge Energy
Summit Ridge Energy is the country's leading owner-operator of community solar assets. Through dedicated funding platforms, the team acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com.

About Osaka Gas USA
OGUSA focuses on its three core businesses of the Freeport LNG liquefaction project, shale gas development, and power generation. OGUSA strives to contribute to achieving a low carbon/carbon neutral society by developing renewables as well as natural gas-fired power plants.

About Foss & Company
Since 1983, Foss & Company has been a reliable resource, working with institutional clients around the country to find the best investment solutions to meet their strategic tax planning needs. With over $7 billion in equity raised, Foss & Company is a full-service advisor with proven expertise navigating the world of tax credit investment, resulting in accessible and efficient tax-advantaged investments. For more information, visit www.fossandco.com.

About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com.  

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SOURCE Summit Ridge Energy

FAQ

What is the significance of Summit Ridge Energy's recent solar project in Maine?

The project marks the completion of the first part of a 200 MW community solar portfolio, providing energy access to 850 households and small businesses.

What are the financial partners involved in Summit Ridge Energy's community solar project?

The financial partners include Foss & Company and Live Oak Bank, which help fund the solar initiatives.

How much carbon will the new solar arrays offset?

The solar arrays are expected to offset 34,619 metric tons of carbon emissions once operational.

What is the location of Summit Ridge Energy's completed solar project?

The completed solar project is located in Hermon, Maine.