Summit Ridge Energy, a US commercial solar company, announced its acquisition of 19 community solar projects totaling 100 MW in Virginia from seven different sellers on Tuesday. The projects were procured through a joint venture with Osaka Gas USA Corporation, a subsidiary of Osaka Gas Co Ltd (TYO:9532). Sellers in the transaction included Apex Clean Energy, ESA Solar, ForeFront Power, New Leaf Energy, RWE Clean Energy, and SolAmerica Energy.
Apex Clean Energy also independently disclosed the sale of four solar projects, with a total capacity of 19 MWac, in its transaction with Summit Ridge. These projects—Martin Trail, Dogwood Lane, Route 360, and Powell Creek—were part of the larger portfolio acquired by Summit Ridge.
Summit Ridge Energy has outlined plans to invest USD 250 million (EUR 227.5m) in the construction and operation of the 19 solar farms. Geographically dispersed from Virginia's southern border to Richmond and the D.C. metropolitan area, all projects are expected to be operational by late 2024.
This strategic acquisition cements Summit Ridge Energy as the market leader in the Commonwealth of Virginia, with its overall portfolio representing more than two-thirds of the projects planned under the state's Shared Solar Program. A notable commitment is the company's pledge to deliver 100% of solar energy cost savings to low-income households as part of this initiative.
