Sunrise brief: Tax equity finance for portfolio

Summit Ridge Energy said it secured a $55 million tax equity commitment from investment manager Foss & Co. The partnership will fund a roughly 73 MW portfolio of residential and commercial community solar projects across Illinois, Maryland, and Maine.

Summit Ridge started construction on the portfolio in 2020 and expects each project to achieve commercial operations in 2021. Once operational, the projects will generate electricity for residential and commercial customers across six utility service territories. Commercial customers include small, medium, and large businesses who will remotely subscribe to the community solar projects.