Summit Ridge Energy and Bank of America Close $305 Million Credit Facility for Solar Portfolio
Bank of America (NYSE:BAC) and Summit Ridge Energy have closed a $305 million senior secured credit facility to support a portfolio of community solar projects. The facility includes a $281 million term loan and a $24 million letter of credit facility for projects across Illinois and Maryland, totaling 158 megawatts of capacity.
The portfolio will provide energy savings to 5,000 households and businesses while creating 3,000 jobs in construction, engineering, and operations. Bank of America served multiple roles in the transaction, including Structuring Agent and Administrative Agent. The deal expands Summit Ridge's solar portfolio to over 2 GW of projects in operation or development nationwide.
Bank of America (NYSE:BAC) e Summit Ridge Energy hanno completato un finanziamento senior garantito da 305 milioni di dollari per sostenere un portafoglio di progetti di solar community. L鈥檕perazione comprende un prestito a termine da 281 milioni di dollari e una linea di credito tramite lettera di credito da 24 milioni di dollari per progetti in Illinois e Maryland, per una capacit脿 complessiva di 158 megawatt.
Il portafoglio offrir脿 risparmi energetici a 5.000 famiglie e imprese e generer脿 3.000 posti di lavoro nelle fasi di costruzione, ingegneria e gestione operativa. Bank of America ha svolto diversi ruoli nella transazione, tra cui Agente di Strutturazione e Agente Amministrativo. L鈥檃ccordo porta il portafoglio solare di Summit Ridge a oltre 2 GW di progetti in esercizio o in sviluppo a livello nazionale.
Bank of America (NYSE:BAC) y Summit Ridge Energy han cerrado una l铆nea de cr茅dito s茅nior garantizada de 305 millones de d贸lares para respaldar una cartera de proyectos de energ铆a solar comunitaria. La financiaci贸n incluye un pr茅stamo a plazo de 281 millones de d贸lares y una l铆nea de carta de cr茅dito de 24 millones de d贸lares para proyectos en Illinois y Maryland, con una capacidad total de 158 megavatios.
La cartera proporcionar谩 ahorros energ茅ticos a 5.000 hogares y empresas y crear谩 3.000 empleos en construcci贸n, ingenier铆a y operaciones. Bank of America actu贸 en varios roles en la transacci贸n, incluidos Agente de Estructuraci贸n y Agente Administrativo. El acuerdo ampl铆a la cartera solar de Summit Ridge a m谩s de 2 GW de proyectos en operaci贸n o en desarrollo a nivel nacional.
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鞚� 韽姼韽措Μ鞓る姅 5,000臧�甑� 氚� 旮办梾鞐� 鞐愲剤歆� 牍勳毄 鞝堦皭鞚� 鞝滉车頃橁碃 瓯挫劋, 鞐旍雼堨柎毵� 氚� 鞖挫榿 攵勳暭鞐愳劀 3,000臧滌潣 鞚检瀽毽�毳� 彀届稖頃� 瓴冹瀰雼堧嫟. 氡呿伂鞓る笇鞎勲⿺毽勾電� 甑“頇� 雼措嫻(Structuring Agent)瓿� 甏�毽� 雼措嫻(Administrative Agent)鞚� 韽暔頃� 鞐煬 鞐暊鞚� 靾橅枆頄堨姷雼堧嫟. 鞚措矆 瓯半灅搿� Summit Ridge鞚� 韮滌枒甏� 韽姼韽措Μ鞓る姅 鞝勱淡鞝侅溂搿� 鞖挫爠 欷戩澊瓯半倶 臧滊皽 欷戩澑 2GW 鞚挫儊鞙茧 頇曤寑霅╇媹雼�.
Bank of America (NYSE:BAC) et Summit Ridge Energy ont finalis茅 une facilit茅 de cr茅dit senior garantie de 305 millions de dollars pour soutenir un portefeuille de projets solaires communautaires. La facilit茅 comprend un pr锚t 脿 terme de 281 millions de dollars et une ligne de lettre de cr茅dit de 24 millions de dollars pour des projets dans l鈥橧llinois et le Maryland, pour une capacit茅 totale de 158 m茅gawatts.
Ce portefeuille offrira des 茅conomies d鈥櫭﹏ergie 脿 5 000 m茅nages et entreprises et permettra la cr茅ation de 3 000 emplois dans la construction, l鈥檌ng茅nierie et l鈥檈xploitation. Bank of America a assum茅 plusieurs r么les dans la transaction, notamment en tant que Structuring Agent et Administrative Agent. L鈥檕p茅ration porte le portefeuille solaire de Summit Ridge 脿 plus de 2 GW de projets en exploitation ou en d茅veloppement 脿 l鈥櫭ヽhelle nationale.
Bank of America (NYSE:BAC) und Summit Ridge Energy haben eine vorrangige gesicherte Kreditfazilit盲t in H枚he von 305 Millionen US-Dollar abgeschlossen, um ein Portfolio von Community-Solarprojekten zu unterst眉tzen. Die Finanzierung umfasst ein Termingelddarlehen 眉ber 281 Millionen US-Dollar und eine 24-惭颈濒濒颈辞苍别苍-顿辞濒濒补谤-础办办谤别诲颈迟颈惫蹿补锄颈濒颈迟盲迟 f眉r Projekte in Illinois und Maryland mit einer Gesamtleistung von 158 Megawatt.
Das Portfolio wird 5.000 Haushalten und Unternehmen Energieeinsparungen bieten und 3.000 Arbeitspl盲tze im Bau, in der Ingenieurtechnik und im Betrieb schaffen. Bank of America fungierte in der Transaktion in mehreren Rollen, darunter als Structuring Agent und Administrative Agent. Der Abschluss erweitert Summit Ridges Solarportfolio auf 眉ber 2 GW an Projekten, die landesweit betrieben werden oder in der Entwicklung sind.
- Credit facility of $305 million demonstrates strong institutional backing for renewable energy projects
- Portfolio will create 3,000 new jobs across construction, supplier, and operations roles
- Project will provide energy cost savings to 5,000 households and businesses
- Strengthens Bank of America's position in sustainable infrastructure financing
- Large credit facility increases Bank of America's exposure to renewable energy sector risks
- Project success depends on continued government support for renewable energy initiatives
Insights
Bank of America's $305M solar financing demonstrates strategic commitment to renewable infrastructure while diversifying revenue streams in high-growth sector.
This $305 million credit facility with Summit Ridge Energy represents a strategic expansion of Bank of America's sustainable finance portfolio. The transaction structure is comprehensive 鈥� including a $281 million term loan and $24 million letter of credit facility 鈥� demonstrating BAC's sophisticated approach to renewable energy financing.
The oversubscribed nature of the deal indicates strong investor appetite for these assets, validating BAC's market position in sustainable infrastructure finance. By acting in multiple roles (Structuring Agent, Syndication Agent, Coordinating Lead Arranger, Administrative Agent, Hedge Provider, and LC Fronting Bank), BAC is maximizing fee revenue potential from this transaction.
This deal aligns with Bank of America's broader environmental financing commitments while providing stable, long-term cash flows. Community solar projects typically generate predictable returns through power purchase agreements, offering BAC relatively low-risk exposure to the renewable sector. The portfolio's scale (158 megawatts) is substantial enough to impact BAC's green financing metrics positively.
The transaction also highlights BAC's strategic partnerships with other financial institutions like ING Capital and KeyBanc, suggesting the bank's strong syndication capabilities in specialized energy financing. For investors, this demonstrates BAC's continued ability to originate and structure complex sustainable infrastructure deals, potentially driving fee income while supporting the bank's environmental commitments.
Strategic Partnership Highlights Continued Attractiveness of Distributed Solar Assets to Capital Markets
The financing package, which includes a
Bank of America acted as Structuring Agent, Syndication Agent, Coordinating Lead Arranger, Administrative Agent, Hedge Provider, and LC Fronting Bank for the oversubscribed transaction, which included ING Capital as Green Loan Structuring Agent and Coordinating Lead Arranger, and KeyBanc Capital Markets as Coordinating Lead Arranger.
"This financing marks another significant milestone for Summit Ridge," said Adam Kuehne, Chief Investment Officer at Summit Ridge Energy. "Expanding our partnership with Bank of America enables us to grow our footprint in
"We are pleased to collaborate with Summit Ridge on this energy portfolio," said Omer Farooq, Head of Asset Finance within the Global Sustainable & Infrastructure Finance Group at Bank of America. "Our support for distributed energy projects underscores our ability to advance energy solutions that also contribute to local economic development."
Impact and benefits
The Summit Ridge Energy portfolio will:
- Provide long-term energy savings for 5,000 households and businesses.
- Create 3,000 construction, supplier, and operations jobs across
Illinois andMaryland . - Strengthen local grids with distributed energy that improves reliability and promotes American independent power.
This portfolio expands Summit Ridge's leadership position in solar, now with more than 2 GW of projects in operation or development nationwide.
Summit Ridge Energy
As the nation's leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development.听
Since launching in 2017, Summit Ridge has raised over
Reporters may contact
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Bank of America Contact
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SOURCE Bank of America Corporation
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