Summit Ridge Energy has acquired 19 community solar projects totalling 100MW located across the Commonwealth of Virginia.
The portfolio makes Summit Ridge the market leader in its home state of Virginia and represents more than two thirds of the sites to be built under Virginia’s Shared Solar Program, the developer said.
Launched as part of the Virginia Clean Economy Act, the Shared Solar Program is designed to support the state’s decarbonization goals and incentivize equitable access to clean energy.
This acquisition will enable Summit Ridge to deliver 100% of the solar energy cost savings to low-income households.
The 100MW portfolio, comprised of projects spanning from Virginia’s southernmost border up to the Richmond and the DC metropolitan areas, will generate enough power to lower the energy bills for 12,600 homes across 16 counties.
All sites are expected to be operational in late 2024.
The portfolio of 19 community solar projects were acquired from seven partners, including Apex Clean Energy, ESA Solar, ForeFront Power, New Leaf Energy, RWE Clean Energy and SolAmerica Energy.
The acquisitions were made by Summit Ridge’s joint venture with Osaka Gas USA Corporation, a subsidiary of Osaka Gas.
The construction and operation of the projects represent a $250m investment in Virginia by Summit Ridge and will provide more than 1000 jobs for construction workers, vendors and local businesses, the developer said.
Summit Ridge chief executive Steve Raeder said: “This new portfolio is an example of our ability to execute in a challenging economic environment and demonstrates our commitment to our home state of Virginia.
“More importantly, all of the savings generated by each solar project will be offered to low-income customers, reducing electricity bills for thousands of Virginia households.”