An aerial view of the Scenic Farms Solar project, a 4.1-megawatt direct current facility in Elkton, Virginia, was one of several systems transferred recently to an undisclosed buyer by Summit Ridge Energy in a renewable energy tax credit transaction.
Transfer of federal renewable energy tax credits (RETCS) exploded in 2024, according to professionals in the field, including a team that completed a transaction in August on a portfolio of community solar systems in Virginia.
Reunion Infrastructure teamed earlier this year with Summit Ridge Energy, a commercial solar company based in Arlington, Virginia, to facilitate the transfer of $40 million in investment tax credits (ITCs) to a privately held real estate company.
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Excerpt: “Our investment will be exclusively providing energy [savings] to low-income households throughout the state,” said Jake Compton, senior director of project finance at Summit Ridge Energy. “Our goal as a company is to do exactly that…. It’ll let us continue to expand our footprint.”
Jake Compton, Senior Director of Project Finance at Summit Ridge Energy
Read more:
[PDF] Novogradac Journal of Tax Credits – RETC Transfers Bloom Throughout 2024, Including Community Solar Portfolio in Virginia, by Nick Decicco
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This article first appeared in the December 2024 issue of the Novogradac Journal of Tax Credits. Reproduction of this publication in whole or in part in any form without written permission from the publisher is prohibited by law.
Related links:
Novogradac Journal of Tax Credits Volume 15 Issue 12 (full December 2024 issue)