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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Summit Ridge, Osaka Gas form Joint Venture

June 28, 2021 GMT

ARLINGTON, Va., June 28, 2021 /PRNewswire/ -- Summit Ridge Energy (“SRE”) has entered into a joint venture with Osaka Gas USA Corporation (“OGUSA”), a subsidiary of Osaka Gas Co., Ltd., to construct, own and operate over 120 MW of community solar projects throughout the state of Maine.

Once operational, the portfolio of distributed solar farms will generate enough clean energy to provide approximately 11,000 residential and commercial ratepayers with monthly utility savings. This announcement comes just two years after the successful launch of SRE’s initial joint venture, Summit Ridge Capital Holdings, which has financed over 150 MW across Illinois and Maryland.

Under Maine’s Net Energy Billing (“NEB”) program, customers can reduce their monthly electricity expenditure by purchasing bill credits generated from community solar farms enabling households, businesses and municipalities to access clean energy savings without physically installing panels on their premises.

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CohnReznick Capital acted as the exclusive financial advisor on the transaction.

About SRE
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. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com

About OGUSA
OGUSA focuses on its three core businesses of the Freeport LNG liquefaction project, shale gas development, and power generation. OGUSA strives to contribute to achieving a low carbon/carbon neutral society by developing renewables as well as natural gas-fired power plants.

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SOURCE Summit Ridge Energy