Summit Ridge Energy is making waves in Maine’s community solar landscape, entering into a joint venture with Osaka Gas USA Corporation to construct, own and operate over 120 MW of community solar projects throughout the state of Maine.
Independent of the Osaka deal, Summit Ridge has also acquired a portfolio of three Maine community solar projects from Cianbro.
Because the Osaka deal is so recent in development, project sites have not yet been released, but has it been shared how many projects will comprise that 120 MW portfolio. CohnReznick Capital acted as the exclusive financial advisor on the transaction.
Those 120 MW are expected to provide approximately 11,000 residential and commercial ratepayers with monthly utility savings.
Totaling 19.5 MW in capacity, Summit Ridge’s newly-acquired community solar portfolio includes two projects that are currently under construction by Cianbro and are expected to reach commercial operation by the end of 2021. The third project will also be constructed by Cianbro and will go live by the end of 2022.
Once operational, the portfolio will generate clean power for approximately 3,500 Maine residents across CMP service territories
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