Fundamental Renewables Provides $15MM in Project Financing to Summit Ridge Energy

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, closed on two loans with Fundamental Renewables. Fundamental is providing Summit Ridge a combined total of approximately $15 million in project financing for two energy storage assets.

The proceeds will fund construction of two lithium-ion battery energy storage systems in Staten Island, NY, the first of Summit Ridge’s anticipated battery energy storage system projects. The systems are expected to deliver approximately 31 megawatt-hours of electricity before recharging. The storage projects have been awarded a block incentive through the NYSERDA Retail Energy Storage Incentive Program and will operate under New York’s Value of Distributed Energy Resources tariff.

Fundamental Renewables has provided more than $765 million in financing to Summit Ridge through multiple construction, development and equipment loans.

“The successful closing of the latest construction loans for standalone storage with Summit Ridge underscores our commitment to supporting industry leaders and distributed storage developers in the solar community,” Bob Hopper, senior advisor at Fundamental Renewables, said. “We are pleased to build on our excellent longstanding relationship with Summit Ridge by financing their construction of these important storage projects.”

“The latest construction financing from Fundamental Renewables will enable us to further execute on our ongoing efforts to support the transition to a sustainable, low-carbon energy economy,” Brian Dunn, COO of Summit Ridge, said. “The battery storage space is an exciting new frontier in the renewable energy sector and an important part of that transition. We look forward to leveraging our expertise as we continue acquiring and developing a network of community solar and battery storage facilities across the country.”

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