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’operazione 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 capacità complessiva di 158 megawatt.
Il portafoglio offrirà risparmi energetici a 5.000 famiglie e imprese e genererà 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’accordo 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 línea de crédito sénior garantizada de 305 millones de dólares para respaldar una cartera de proyectos de energía solar comunitaria. La financiación incluye un préstamo a plazo de 281 millones de dólares y una línea de carta de crédito de 24 millones de dólares para proyectos en Illinois y Maryland, con una capacidad total de 158 megavatios.
La cartera proporcionará ahorros energéticos a 5.000 hogares y empresas y creará 3.000 empleos en construcción, ingeniería y operaciones. Bank of America actuó en varios roles en la transacción, incluidos Agente de Estructuración y Agente Administrativo. El acuerdo amplía la cartera solar de Summit Ridge a más de 2 GW de proyectos en operación o en desarrollo a nivel nacional.
Bank of America (NYSE:BAC)와 Summit Ridge Energy는 커뮤니티 태양광 프로젝트 포트폴리오를 지원하기 위해 3억 500만 달러 규모의 선순위 담보 대출(credit facility)을 마감했습니다. 이 시설에는 2억 8,100만 달러의 만기 대출과 2,400만 달러 규모의 신용장(letter of credit) 시설이 포함되며, 일리노이와 메릴랜드 전역의 프로젝트 총 용량은 158메가와트입니다.
이 포트폴리오는 5,000가구 및 기업에 에너지 비용 절감을 제공하고 건설, 엔지니어링 및 운영 분야에서 3,000개의 일자리를 창출할 것입니다. 뱅크오브아메리카는 구조화 담당(Structuring Agent)과 관리 담당(Administrative Agent)을 포함해 여러 역할을 수행했습니다. 이번 거래로 Summit Ridge의 태양광 포트폴리오는 전국적으로 운전 중이거나 개발 중인 2GW 이상으로 확대됩니다.
Bank of America (NYSE:BAC) et Summit Ridge Energy ont finalisé une facilité de crédit senior garantie de 305 millions de dollars pour soutenir un portefeuille de projets solaires communautaires. La facilité comprend un prêt à terme de 281 millions de dollars et une ligne de lettre de crédit de 24 millions de dollars pour des projets dans l’Illinois et le Maryland, pour une capacité totale de 158 mégawatts.
Ce portefeuille offrira des économies d’énergie à 5 000 ménages et entreprises et permettra la création de 3 000 emplois dans la construction, l’ingénierie et l’exploitation. Bank of America a assumé plusieurs rôles dans la transaction, notamment en tant que Structuring Agent et Administrative Agent. L’opération porte le portefeuille solaire de Summit Ridge à plus de 2 GW de projets en exploitation ou en développement à l’échelle nationale.
Bank of America (NYSE:BAC) und Summit Ridge Energy haben eine vorrangige gesicherte Kreditfazilität in Höhe von 305 Millionen US-Dollar abgeschlossen, um ein Portfolio von Community-Solarprojekten zu unterstützen. Die Finanzierung umfasst ein Termingelddarlehen über 281 Millionen US-Dollar und eine 24-Millionen-Dollar-Akkreditivfazilität für Projekte in Illinois und Maryland mit einer Gesamtleistung von 158 Megawatt.
Das Portfolio wird 5.000 Haushalten und Unternehmen Energieeinsparungen bieten und 3.000 Arbeitsplätze 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 über 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 – including a $281 million term loan and $24 million letter of credit facility – 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.
Since launching in 2017, Summit Ridge has raised over
Reporters may contact
Summit Ridge Energy Contact
Media
press@srenergy.com
Business Development
business@srenergy.com
Bank of America Contact
Sheryl Lee
Phone: 1.657.234.9950
sheryl.lee2@bofa.com
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SOURCE Bank of America Corporation
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