Solar industry veterans backed by a climate infrastructure investment platform have launched Summit Ridge, a new development company focused on commercial and industrial (C&I) and community solar projects. Summit Ridge is led by CEO Steve Raeder who previously managed SunEdison’s highly successful East Coast C&I solar business.
“Summit Ridge brings together a world class team that understands solar development from start to finish,” said Raeder. “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.”
Summit Ridge will develop, finance, and acquire solar power plants across the U.S. with a focus on C&I and community solar markets in the Midwest and on the East Coast where its Principals previously developed more than 450 MW of solar, and arranged financing for one of the largest commercial CHP portfolios in the U.S. 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.
In addition to Raeder, the Summit Ridge management team is comprised of several renewable industry veterans, including CFO Brian Dunn (previously an officer at Hunt Alternative Energy, the energy investment subsidiary of Hunt Companies) and Principals Christian Redmond and Jarryd Commerford (both former leaders within SunEdison’s C&I business unit).
Summit Ridge has been capitalized with an investment led by Aligned Intermediary, which will serve on the company’s Board of Directors. Aligned Intermediary is an investment advisory firm focused exclusively on climate infrastructure assets, including renewable energy.
“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.”
The company 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.
ABOUT SUMMIT RIDGE ENERGY
Summit Ridge Energy (SRE) develops and acquires on-site and off-site solar power plants across the United States. SRE focuses on creating long-term value for its customers by reducing energy consumption and spend through solar power purchase, energy storage and energy efficiency contracts.
ABOUT ALIGNED INTERMEDIARY
Aligned Intermediary (AI) is a Registered Investment Advisor (RIA) created to help long-term investors (LTIs) — sovereign funds, pension funds, endowments, financial institutions, insurance companies, family offices, and foundations — accelerate and increase the flow of private capital into climate infrastructure projects and organizations in the areas of clean energy, water infrastructure, and waste-to-value. AI began operations in 2016 with seed funding from the Planet Heritage Foundation through a Program Related Investment (PRI).