Fundamental Renewables, formerly MMA Energy Capital, a provider of debt financing for renewable energy projects, and Summit Ridge Energy, an owner-operator of community solar assets, entered into two loans with Fundamental Renewables. Fundamental is providing Summit Ridge with a combined total of approximately $15 million in project financing for two energy storage assets.
Proceeds will fund the construction of two lithium-ion battery energy storage systems in Staten Island, NY, the first of Summit Ridge’s planned battery energy storage system projects. 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.
Fundamental Renewables has provided over $765 million in financing to Summit Ridge through several construction, development and equipment loans.
“The successful completion of the latest off-grid storage construction 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. “We are pleased to build on our great, long-standing relationship with Summit Ridge by financing the construction of these important storage projects. »
“Fundamental Renewables’ latest construction funding will allow us to continue our ongoing efforts to support the transition to a sustainable, low-carbon energy economy,” said Brian Dunn, COO of Summit Ridge. “Battery storage space is an exciting new frontier in the renewable energy sector and an important part of this transition. We look forward to leveraging our expertise as we continue to acquire and grow a network of community solar and battery storage facilities across the country. »