Fundamental Renewables Provides Financing to Summit Ridge Energy for Construction of Two Energy Storage Projects
NEW YORK, June 8, 2022 /PRNewswire/ -- Fundamental Renewables, formerly MMA Energy Capital, an established provider of debt financing for renewable energy projects, and Summit Ridge Energy ("Summit Ridge"), the nation's leading owner-operator of community solar assets, today announced the closing of two loans with Fundamental Renewables providing Summit Ridge a combined total of approximately $15 million in project financing for two energy storage assets.
Highlights Fundamental's Growing Commitment to Solar and Battery Storage Financing With Origination of Over $5 Billion of Renewable Energy Development and Construction Loans to Date
NEW YORK, June 8, 2022 /PRNewswire/ -- Fundamental Renewables, formerly MMA Energy Capital, an established provider of debt financing for renewable energy projects, and Summit Ridge Energy ("Summit Ridge"), the nation's leading owner-operator of community solar assets, today announced the closing of two loans with Fundamental Renewables providing Summit Ridge a combined total of approximately $15 million in project financing for two energy storage assets.
The proceeds will fund construction of two lithium-ion battery energy storage systems in Staten Island, New York – the first of Summit Ridge's many anticipated battery energy storage system ("BESS") projects. The systems are expected to deliver approximately 31 megawatt-hours of electricity before recharging. The storage projects have been awarded a Block Incentive through the NYSERDA Retail Energy Storage Incentive Program and will operate under New York's Value of Distributed Energy Resources tariff.
To date, Fundamental Renewables has provided over $765 million in financing to Summit Ridge through multiple construction, development and equipment loans, reflective of the longstanding partnership between the two firms.
The closing highlights Fundamental Renewables' extensive track record of financing renewable energy projects and the firm's growing commitment to the rapidly expanding battery storage sector. Since its inception in 2015, Fundamental Renewables has closed on over $5 billion of renewable energy development and construction loans.
"The successful closing of the latest construction loans for stand-alone storage with Summit Ridge underscores our commitment to supporting industry leaders and distributed storage developers in the solar community," said Bob Hopper, Senior Advisor at Fundamental Renewables. "We are pleased to build on our excellent, longstanding relationship with Summit Ridge by financing their construction of these important storage projects."
"The latest construction financing from Fundamental Renewables will enable us to further execute on our ongoing efforts to support the transition to a sustainable, low-carbon energy economy," said Brian Dunn, Chief Operating Officer of Summit Ridge. "The battery storage space is an exciting new frontier in the renewable energy sector and an important part of that transition. We look forward to leveraging our expertise as we continue acquiring and developing a network of community solar and battery storage facilities across the country."
Fundamental Renewables is the renewable and clean energy investment arm of Fundamental Advisors LP ("Fundamental"). Fundamental has extensive experience investing in public purpose and community assets, including renewable energy, and provides the expertise and added flexibility to offer new and complementary financing solutions.
About Fundamental Advisors
Fundamental is a leading alternative asset manager dedicated to municipal, public purpose and community assets. Founded in 2007, the firm is focused on targeting control oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose or community assets, and acquiring undervalued securities in the secondary market. Fundamental Renewables is the renewable and clean energy investment arm of Fundamental and a leading provider of debt financing for renewable energy projects. For more information, please visit www.Fundamental.com.
About Summit Ridge Energy
Launched in 2017, Summit Ridge Energy is the nation's leading owner-operator of community solar assets. Through dedicated funding platforms, the team acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. With over 100 operating solar projects across markets, the team has established itself as a reliable and diligent industry partner. By 2023, SRE will have more than an additional 2400 MW PV and more than 100 MWh of battery storage online serving over 100200,000 residential and commercial customers. Learn more at srenergy.com.
Media Contacts
Fundamental Advisors
Jon Keehner / Woomi Yun / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Summit Ridge Energy
Matthew Dickey
303-809-2644
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SOURCE Fundamental Advisors LP
