Arena Renewables LLC (Arena), a leading community and distributed solar and storage developer, announced today (May 28) the sale of six Illinois remote crediting solar projects to Summit Ridge Energy, a leading developer and owner-operator of commercial solar projects. The portfolio, which totals roughly 40 megawatts (MW) of installed capacity, is Arena's first portfolio sale since its founding in July 2023. The acquisition will expand Summit Ridge's footprint in the Midwest and further its mission to provide affordable, American-made energy to local communities.
The projects, expected to reach commercial operation over the next year, will collectively produce enough locally generated energy to power over 5,000 homes annually, offsetting nearly 60,000 metric tons of carbon dioxide emissions each year. The projects, located in Ameren Illinois territory, will provide economic benefits while supporting Illinois' ambitious energy independence goals.
"We are excited to add these projects to our growing Midwest portfolio and help meet the growing energy needs of Illinois, reinforcing our commitment to expanding access to cost-effective energy that is proudly produced in the U.S. for all," said Garren Bischoff, SVP for Business Development of Summit Ridge Energy. "This acquisition aligns perfectly with our strategy to lead the commercial solar market while supporting investment in the economic development of the U.S."
Arena Renewables, a developer known for its focus on high-quality solar assets in select markets, has successfully developed these projects to the point of readiness for construction, ensuring a seamless transition to Summit Ridge's operational expertise.
"We are proud to work with Summit Ridge Energy on this transaction, which will bring significant domestic energy benefits to communities across Illinois," said Matthew Kozey, CEO and Co-Founder of Arena Renewables. "We look forward to continuing to drive the growth of solar energy projects across the country," Carson Weinand, Director of Development at Arena Renewables added, "The team is thrilled for this portfolio to commence construction after eighteen months of diligence and development with local partners. We'll be excited when they start generating energy for use across Illinois."
About Arena Renewables
Arena Renewables is a community and distributed solar and storage developer. We deliver lower power bills and clean energy to customers and communities across the United States. Our agile, policy-led approach to developing valuable projects draws on the leadership team's deep industry expertise. To date, Arena Renewables has built a pipeline of more than 800 MW in select markets across the United States. Learn more at arenarenewables.com and connect with us on LinkedIn.
About 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.
Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar farms, providing energy savings to more than 42,000 homes and businesses while contributing to American energy independence. Learn more at srenergy.com and connect with us on LinkedIn.
