Distributed solar and storage developer Arena Renewables has completed the sale of six remote crediting solar projects in the US state of Illinois, totalling 40MW of installed capacity, to Summit Ridge Energy, a developer and owner-operator of commercial solar projects.
This is the company’s first portfolio sale since its inception in July 2023.
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The solar projects are expected to become operational by June 2026 and will power more than 5,000 homes annually.
Arena Renewables CEO and co-founder Matthew Kozey stated: “We are proud to work with Summit Ridge Energy on this transaction, which will bring significant domestic energy benefits to communities across Illinois.
“We look forward to continuing to drive the growth of solar energy projects across the country.”
Arena Renewables has developed the projects to the point of readiness for construction.
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By GlobalDataLocated in Ameren Illinois territory, the projects will offset almost 60,000 tonnes of carbon dioxide emissions each year, contributing to Illinois’ energy independence goals and providing economic benefits to the region.
Arena Renewables development director Carson Weinand stated: “The team is thrilled for this portfolio to commence construction after 18 months of diligence and development with local partners. We’ll be excited when they start generating energy for use across Illinois.”
The acquisition aims to expand Summit Ridge’s presence in the US Midwest and support its mission to deliver affordable energy to local communities. It enables Summit Ridge to leverage its operational expertise for a smooth transition.
Summit Ridge Energy business development senior vice-president Garren Bischoff stated: “We are excited to add these projects to our growing Midwest portfolio and help meet the growing energy needs of Illinois, reinforcing our commitment to expanding access to cost-effective energy that is proudly produced in the US for all.
“This acquisition aligns perfectly with our strategy to lead the commercial solar market while supporting investment in the economic development of the US.”
In August 2023, Hannon Armstrong Sustainable Infrastructure Capital and Summit Ridge Energy announced a partnership for the development of a 250MW community solar portfolio.
