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Bank of America and Summit Ridge Energy have finalized a $305 million senior secured credit facility to support the development of a 158-megawatt community solar portfolio across Illinois and Maryland.
The financing package, arranged in partnership with HASI, a leading investor in sustainable infrastructure, includes a $281 million term loan and a $24 million letter of credit facility. This funding will provide term financing for the expansive project portfolio, which aims to deliver reliable energy savings to approximately 5,000 households and businesses. In addition to economic benefits, the initiative is expected to generate substantial local tax revenue and create about 3,000 jobs.
“Expanding our partnership with Bank of America enables us to grow our footprint in Illinois and Maryland, providing cost savings for thousands of customers while advancing America’s energy independence with U.S.-made components and local labor,” said Adam Kuehne, Chief Investment Officer at Summit Ridge Energy.
This deal marks a significant milestone for Summit Ridge Energy, expanding its solar footprint to more than 2 gigawatts of projects either in operation or under development across the country.
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