In partnership with Summit Ridge Energy, the nation’s leading commercial solar and energy storage company, NT Solar provided a solar tax credit investment to support the development of two standalone Tesla MegaPack battery storage systems in New York City. 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, which was at one point the largest roof-mounted solar installation in the country.
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.
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.
“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.”
ABOUT SUMMIT RIDGE ENERGY
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.