Climate solutions investor HASI (NYSE:HASI) and US commercial solar and energy storage company Summit Ridge Energy are expanding their partnership to build and own a further 250 MW of community solar, the two announced on Tuesday.
The agreement will see Hannon Armstrong Sustainable Infrastructure Capital Inc, which earlier this year adopted the brand name HASI, provide financing over the next two years for Summit Ridge Energy’s pipeline of community solar projects in Illinois and Maryland.
The expanded partnership doubles the size of the companies’ existing joint venture, formed in 2019. The tie-up has so far underpinned the development of 255 MW of solar projects.
The expanded portfolio is set to use US-made solar panels, icentivised by the Inflation Reduction Act. Summit Ridge Energy earlier in 2023 placed a large order to buy 1.2 GW of solar panels and 20 MWh of energy storage from Qcells for installation over the next four years. The Hanwha Group-owned business has committed to establishing a fully integrated solar supply chain in the US.