Fundamental Renewables, formerly MMA Energy Capital, has provided $15 million in project financing to Summit Ridge Energy, a community solar asset operator, for two energy storage assets.
Proceeds will fund the construction of two lithium-ion battery energy storage systems in Staten Island, New York. The systems are expected to provide approximately 31 megawatt hours of electricity before recharging.
The storage projects have received a global incentive under NYSERDA’s Retail Energy Storage Incentive Program and will operate under New York’s Distributed Energy Resource Value Tariff.
To date, Fundamental Renewables has provided over $765 million in financing to Summit Ridge through multiple construction, development and equipment loans.
Since its inception in 2015, Fundamental Renewables has closed over $5 billion in loans for the development and construction of renewable energy.
“Closing the latest self-contained storage build loans with Summit Ridge underscores our commitment to supporting industry leaders and distributed storage developers in the solar community,” said Bob Hopper, Principal Advisor at Fundamental Renewables.
“Battery storage space is an exciting new frontier in the renewable energy industry and an important part of this transition,” said Summit Ridge COO Brian Dunn.