Summit Ridge Energy has raised US$1 billion in capital in 2023.

Meeting the world’s changing energy needs will require a number of prerequisites, including technological innovation, political will and, perhaps most crucially of all, financial investment. The International Energy Agency (IEA) reports that, in 2023, developers will invest US$380 billion into the global solar sector, the first-time investment in solar would exceed investment in oil, and this scale of investment will be necessary to meet some of the capacity addition targets considered vital to meet the world’s clean energy goals.

Excerpt: One company that has sought to expand its means of fundraising is Summit Ridge Energy (SRE), a US developer that has worked predominantly in the community solar sector, and earlier this year, closed a deal with Japanese financier MUFG to secure US$275 million in additional funding for 15 community solar projects each in the US states of Illinois and Virginia. SRE’s work has also been influenced by the Inflation Reduction Act (IRA) in the US, the landmark piece of legislation to encourage greater domestic investment in the renewable supply chain. The company’s reliance on both favourable investment conditions created by the IRA, and direct financial support from a foreign investor, effectively demonstrates the potential of these diverse, multi-faceted solar funding frameworks, and could help set a precedent for new investment decisions in the sector.

Read more and hear from Brian Dunn, Chief Operating Officer, Summit Ridge Energy: PV Tech, By JP Casey