NT Solar Celebrates Fourth Investment with Summit Ridge Energy
Washington, D.C. – July 25, 2023: NT Solar, a nationwide solar tax credit syndicator and investor, is proud to announce the successful equity placement of solar tax credits generated by the development of two standalone Tesla MegaPack battery storage systems in New York City in partnership with Summit Ridge Energy, the nation’s leading commercial solar and energy storage company.
“We are excited to continue building on our solid partnership with Summit Ridge Energy while adding the first stand-alone battery storage investment to our portfolio,” said Karin Berry, Managing Director of NT Solar. “We remain committed to investing in the growth of community solar and supporting projects that bring organizations closer to a carbon-neutral future.”
Once complete, the 31 MWh-capacity system will provide bill credits to the NYU Langone Hospital, one of the nation’s premier academic medical centers, serving more than 60,000 patients annually. The hospital signed an offtake agreement to purchase bill credits from the Energy Storage System to support its sustainability goals.
As part of the hospital’s commitment to becoming a carbon-neutral health system by 2050 and 50% neutral by 2030, the hospital will utilize stored energy within the battery systems during peak hours, reducing the hospital’s demand on the grid during periods of high electricity consumption in NYC, thereby increasing grid resiliency.
Battery storage systems provide a host of benefits to both the grid and consumers, including cost savings, environmental benefits, and efficient, dispatchable delivery of electricity. These installations will provide flexibility to the grid, a critical component of reliability and resilience, allowing utilities to integrate more intermittent renewable power sources into the grid mix. By smoothing out the delivery of variable renewable resources such as wind and solar, battery storage systems supply power produced during non-peak hours to the grid when demand is highest. As the grid’s energy supply mix gets cleaner, energy storage will be a critical dispatchable electricity resource, offsetting the need for fossil fuel peak-power plants.
The installations, which will reach commercial operation in mid-2023, were spearheaded by Summit Ridge Energy. In addition to the ITC investment, NT Solar will provide compliance, reporting, and asset management services through the investment cycle.
This is NT Solar’s first stand-alone battery storage investment and the fourth portfolio investment with Summit Ridge Energy, both made possible through NT Solar’s Climate Impact and Revitalization Fund. NT Solar first partnered with Summit Ridge Energy in 2020 to provide an equity investment in the solar tax credits generated by the creation of a portfolio of twelve ground- and roof-mounted sites across Illinois and Maryland, the largest roof-mounted solar installation in the country.
“Summit Ridge Energy and NT Solar are working together to make electric supply more resilient and provide clean energy savings for NYU Langone Hospital,” said Adam Kuehne, Chief Investment Officer, Summit Ridge Energy. “Our ongoing partnership with NT Solar supports our goal of strengthening New York City’s grid while lowering power bills for the city’s major institutions.”
To read the full PR Newswire release, click here.
About NT Solar
NT Solar, a subsidiary of the National Trust Community Investment Corporation, raises and manages solar investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing of over $500 million in capital for transactions nationwide, with a focus on the growing Community Solar market. Our varied network of partners and extensive experience in diligence and structuring provides our developers with competitive pricing and stable returns for our investors. To learn more about NT Solar, click here.
About the Sponsor
Launched in 2017, Summit Ridge Energy is the nation’s leading commercial solar company. Through its strategic partnerships and project financing expertise, the company develops and acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. In the past five years, SRE has deployed over $1.6B USD into clean energy assets. With a development pipeline of more than 2 GW, SRE will have more than 400 MW of PV online by the end of 2023, providing solar power to approximately 50,000 homes. Learn more at srenergy.com and follow us on LinkedIn and Twitter.