Clean energy investment fund Hannon Armstrong has signed an agreement with solar power firm Summit Ridge Energy to invest in community solar projects.
Hannon Armstrong will provide Summit Ridge Energy with long-term financing to community solar projects across several US markets.
Summit Ridge is targeting construction of more than 250MW of community solar power over the next few years.
The news follows the relase of a report issued by Vote Solar which suggests that community solar projects can scale to 50 to 70 times today’s size by 2030. To date, solar energy capacity deployed has reached 1GW. The market increase would equate to more than 8 million new solar customers, including 2 million low-to-moderate income customers, and $100 billion in capital investment.
GTM Research states that community solar is the fastest-growing market sector in the US solar industry.
Over the past five years, community solar projects have grown by 53%, compared to 26% growth for all solar in America.
Hannon Armstrong President & CEO Jeffrey Eckel. “Community solar combines the scale of grid-connected solar projects with the economics of behind-the-meter solar. When you consider the localisd benefits of this novel clean energy solution, it’s only fitting our first projects together will expand solar power access for our fellow Marylanders.”