Summit Ridge sells USD 40m of tax credits from Virginia community solar

Summit Ridge Energy has sold approximately USD 40 million (EUR 36.6m) of transferable tax credits from a portfolio of community solar projects located in the US state of Virginia.

This was announced on Friday by green finance platform Reunion, which brokered the transaction between the US community solar developer and an undisclosed privately held real estate company.

Summit Ridge Energy will use the proceeds from the tax credit sale to expand its community solar projects, focusing on disadvantaged communities. Several of the projects in its portfolio are located in areas that qualify for the energy community and low-income community bonus adders under the Inflation Reduction Act of 2022, Reunion said.

No other details were disclosed.

(USD 1.0 = EUR 0.916)

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