SAN
FRANCISCO, Aug. 9, 2024 /PRNewswire/ -- Reunion, a leading clean energy finance
company, today announced that it has collaborated with Summit Ridge
Energy, the leading commercial solar company in the United States, to sell approximately
$40 million of transferable tax
credits from a portfolio of community solar projects in
Virginia.
The purchaser of these tax credits is a privately held real
estate company.
These tax credit sales were made possible by the Inflation
Reduction Act of 2022 and will immediately enable Summit Ridge to
expand its footprint of clean energy assets in disadvantaged
communities across the United
States. Several of the projects in Summit Ridge's portfolio
are located in areas that qualify for the IRA's energy community
and low-income community bonus adders.
Adam Kuehne, Chief Investment
Officer of Summit Ridge Energy, said, "The ability to transfer
investment tax credits helps us accelerate our deployment of clean,
sustainable energy in many communities across the country."
Andy Moon, CEO of Reunion, said, "Our team is proud to partner
with Summit Ridge, a leader in supporting the shift to renewable
energy. Given the company's position in community solar, we were
able to quickly identify and support a transaction with a taxpayer
interested in purchasing tax credits from their clean energy
projects."
Based in Arlington, Virginia,
Summit Ridge is an experienced community solar developer, operating
over 100 assets throughout the Northeast, Mid-Atlantic, and
Midwest. By the end of 2024, the company will operate more than 600
MW of solar and 60 MWh of battery storage capacity, serving more
than 50,000 residential and commercial customers.
About Reunion Infrastructure:
Reunion facilitates the purchase and sale of
clean energy tax credits, and has worked with major corporations to
purchase over $1.5 billion in tax
credits from solar, wind, storage, advanced manufacturing, and
other clean energy projects. Our curated marketplace features
billions of dollars in high quality tax credit opportunities, and
our team of clean energy finance veterans supports buyers and
sellers through each step of the transaction process, with a focus
on commercial negotiation, due diligence and risk mitigation. To
learn more, visit www.reunioninfra.com and download our
comprehensive handbook on clean energy tax credit
transfers.
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SOURCE Reunion Infrastructure