#United States #Chicago #Summit Ridge #Arena Renewables #Illinois Solar

Arena Renewables Sells 40MW Solar Portfolio in Illinois

In a significant stride towards advancing renewable energy, Arena Renewables LLC has finalized the sale of a solar portfolio consisting of six remote crediting projects in Illinois to Summit Ridge Energy. This portfolio, boasting a total installed capacity of 40 megawatts (MW), marks Arena's inaugural portfolio sale since its establishment in July 2023. The acquisition will not only bolster Summit Ridge's presence in the Midwest but will also contribute to its mission of providing affordable, American-made energy solutions to local communities.

The projects, slated for commercial operation within the next year, are set to generate enough energy to power more than 5,000 homes annually, effectively offsetting nearly 60,000 metric tons of carbon dioxide emissions each year. Located within the Ameren Illinois territory, these solar developments will deliver economic advantages while contributing to Illinois' ambitious goal of energy independence.

Garren Bischoff, Senior Vice President of Business Development at Summit Ridge Energy, expressed enthusiasm regarding the acquisition, stating, "We are excited to add these projects to our growing Midwest portfolio and help meet the growing energy needs of Illinois, reinforcing our commitment to expanding access to cost-effective energy that is proudly produced in the U.S. for all."

The acquisition aligns seamlessly with Summit Ridge's strategy to lead the commercial solar market while fostering investments that stimulate economic growth across the U.S. Arena Renewables, which is recognized for focusing on high-quality solar assets in chosen markets, has adeptly developed these projects to a stage ready for construction, ensuring a seamless transition of operational responsibilities to Summit Ridge's expertise.

Matthew Kozey, CEO and Co-Founder of Arena Renewables, commented on the collaborative effort, stating, "We are proud to work with Summit Ridge Energy on this transaction, which will bring significant domestic energy benefits to communities across Illinois. We look forward to driving the growth of solar energy projects nationwide."

Carson Weinand, Director of Development at Arena Renewables, added, "The team is thrilled for this portfolio to initiate construction after eighteen months of diligence and engagement with local partners. We are eagerly awaiting the moment these projects begin generating energy for use throughout Illinois."

About Arena Renewables

Arena Renewables LLC specializes in community and distributed solar and storage development, dedicated to providing lower energy costs and clean energy solutions to customers and communities across the United States. Boasting a dynamic, policy-driven approach to project development, Arena has established a pipeline exceeding 800 MW in select U.S. markets.

For more information, visit arenarenewables.com and connect on LinkedIn.

About Summit Ridge Energy

Summit Ridge Energy stands at the forefront of the commercial solar industry, merging innovative financial strategies with top-notch execution to deliver locally generated energy, thereby enhancing the resilience of the electric grid. Since its inception in 2017, Summit Ridge has secured over $5 billion in project capital to finance the development of more than 200 solar farms, benefiting over 42,000 homes and businesses and promoting American energy independence.

Learn more at srenergy.com and connect on LinkedIn.

This development reflects a broader trend toward sustainable energy solutions and collaboration among leading firms dedicated to combating climate change and fostering local economic growth.