M&A: Summit Ridge Energy hires Jefferies to run platform sales process

Distributed generation (DG) owner and developer Summit Ridge Energy has engaged Jefferies for a platform M&A transaction, said sources familiar with the situation.

The Arlington, Virginia-based company has built up its operating portfolio and pipeline through portfolio-level partnerships as well as corporate investment.

At the corporate level, SRE locked in a USD 175m investment from funds managed by affiliates of Apollo Management in July 2022.

At the portfolio level, it initially formed a partnership with HASI (then Hannon Armstrong Sustainable Infrastructure) to develop over 150 MW of community solar projects in Illinois and Maryland in 2019, followed by a joint venture with Osaka Gas to develop over 120 MW of community solar in Maine in June 2021.

More recently, it expanded its partnership this past August with HASI to develop an additional 250 MW of community solar projects in Illinois and Maryland.

Separately, SRE announced a USD 275m expansion of its existing partnership with MUFG, via two debt facilities, in November 2023 to support the construction of 15 solar projects in Illinois and construction and permanent financing of up to 15 solar projects in Virginia.

The company was founded in 2017 and has a development pipeline over 2 GW, with more than 400 MW expected to be in service by the end of 2023.

SRE did not return calls seeking comment.

*This story was originally published exclusively for NPM subscribers last month.

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