Summit Ridge Energy Secures $305M Financing for Community Solar Expansion in Illinois and Maryland

Summit Ridge Energy has secured a $305 million senior secured credit facility with Bank of America to support 158 megawatts (MW) of new community solar projects across Illinois and Maryland. The financing, raised alongside sustainable infrastructure investor HASI, underscores the growing role of distributed generation in strengthening regional power systems.

The package includes a $281 million term loan and a $24 million letter of credit facility. The portfolio is expected to deliver energy savings for about 5,000 households and businesses, while also contributing to grid reliability by diversifying local supply.

Community solar continues to play a larger role in state-level clean energy strategies, particularly in Illinois and Maryland, where policy incentives have encouraged development. By dispersing generation closer to demand centers, these projects are designed to reduce strain on transmission infrastructure and provide resilience against outages.

Summit Ridge said the initiative will also create about 3,000 jobs in construction, engineering, and operations, while generating tax revenue for host communities. The company now reports more than 2 GW of solar projects either operating or under development nationwide.

Bank of America led the financing effort with multiple roles in the transaction, joined by ING Capital and KeyBanc Capital Markets.