#USA #Illinois #Foss & Company #Summit Ridge Energy #tax equity investment

Foss & Company's Strategic Investment in Renewable Energy

Recently, Foss & Company, a prominent tax equity syndicator, made headlines with the closing of a substantial $150 million tax equity investment in Section 48E Clean Electricity Investment Tax Credits (ITCs). This investment is poised to enhance solar energy projects across Illinois, underpinning a robust portfolio that is jointly owned by Summit Ridge Energy and Apollo Global Management.

This transaction not only marks a significant financial commitment but also signifies a pivotal moment for the community solar landscape, being one of the first to operate under the new Section 48E framework. This regulatory development came about through the passage of the One Big Beautiful Bill (OB3/OBBB), which introduced specific requirements regarding Foreign Entities of Concern (FEOC)."

Foss & Company's longstanding partnership with Summit Ridge Energy has reached a new milestone with this eighth tax equity transaction together. Bryen Alperin, Partner and Managing Director at Foss & Company, acknowledged the importance of this collaboration, highlighting the transaction's capacity to facilitate swift action within the complexities of the 48E deal structure.

Portfolio Details

The investment portfolio comprises various projects characterized by their eligibility for several ITC adders such as Domestic Content, Energy Community, and Low-Income adders. These projects are particularly designed to leverage Illinois' Adjustable Block Program (ABP), which ensures stable renewable energy credit (REC) streams through long-term agreements with responsible commercial stakeholders.

More than half of the projects within this portfolio are set to take part in the ABP, ultimately enhancing access to locally sourced renewable energy for a broader audience, including low-income households and commercial subscribers.

Adam Kuehne, Chief Investment Officer at Summit Ridge Energy, emphasized the crucial partnership with Foss & Company, attributing their collective success to their ability to navigate an evolving regulatory environment. This new capital investment not only strengthens their operational capacity but also broadens the reach of renewable energy—vital in achieving greater energy independence and supporting local economies.

Growth in Renewable Energy

Foss & Company has established itself as a leader in facilitating tax equity investments, having channeled over $11 billion in funding towards various projects since its inception in 1983. The collaboration with Summit Ridge Energy epitomizes their ongoing commitment to promoting clean energy initiatives and meeting essential community needs through responsible investment practices.

Summit Ridge, a leader in developing distributed energy solutions, has become a notable force in the US energy sector, having raised over $7 billion in project capital since its launch in 2017. Their focus on creating resilient solar and energy storage systems serves not only to enhance energy efficiency but also contributes significantly to job creation and local economic development across the nation.

Conclusion

The recent investment by Foss & Company marks a substantial step forward in harnessing the potential of renewable energy. It represents a broader commitment to advancing green technology and supporting community projects that will benefit Illinois residents. Together with Summit Ridge Energy, Foss & Company continues to solidify its role as a catalyst for positive change in the renewable energy sector.

For more information on this pivotal investment, visit Foss & Company and Summit Ridge Energy.