Well, some SunEdison veterans are rejoining the industry. The leader of the bankrupt developer’s successful East Cost commercial and industrial (C&I) business, with colleagues from the same division, have launched Summit Ridge Energy to focus on what they know best: commercial and industrial (C&I) and community solar projects.
Steve Raeder, who led the SunEdison division, will serve as the company’s CEO, while Christian Redmond and Jarryd Commerford – both former leaders within SunEdison’s C&I business unit- will join the company as principals. They will also be joined by Brian Dunn (previously an officer at Hunt Alternative Energy, the energy investment subsidiary of Hunt Companies) as CFO.
Aligned Intermediary, an investment advisory firm focused exclusively on climate infrastructure assets, including renewable energy, has backed the company financially and will have a seat on the board of directors.
“The C&I solar market represents an exciting growth opportunity for investors seeking strong market returns and climate impact,” said Peter Davidson, CEO of Aligned Intermediary. “We chose to invest in Summit Ridge due to the strength of its management team, strong track record, and ability to execute.”
Summit Ridge will focus its initial developments on the Midwest and East Coast and has already completed initial project acquisitions and commenced development on greenfield sites. It plans to complete the first of these solar projects in the first quarter of 2018.
The company will also offer energy efficiency and energy storage solutions that, when coupled with solar, will provide an enhanced value proposition to its customers.
“Summit Ridge brings together a world class team that understands solar development from start to finish,” Raeder said. “We see a tremendous opportunity in several markets where we led for years to reengage and provide a stronger, more reliable range of services to customers, landowners, and other solar developers.”