1. Bank of America closed a $305 million credit facility for solar projects. 2. The financing supports 158 MW of solar capacity in Illinois and Maryland. 3. Projects will create 3,000 jobs and save energy for 5,000 households. 4. BAC's role includes structuring and administration in the oversubscribed financing. 5. Partnership strengthens BAC's position in sustainable energy financing.
The credit facility reinforces BAC's leadership in sustainable finance and could enhance brand reputation, leading to increased stock prices. Historically, partnerships with growing sectors yield positive market reactions.
The collaboration with Summit Ridge Energy emphasizes BAC's role in renewable finance, a strategically important sector. Given the increasing value placed on sustainable investments, this may attract new investors and bolster share prices.
Ongoing projects contribute to a sustainable energy portfolio, which aligns with long-term market trends favoring green energy. Successful execution may produce recurring revenue streams for BAC over time.
Strategic Partnership Highlights Continued Attractiveness of Distributed Solar Assets to Capital Markets
ARLINGTON, Va., Sept. 9, 2025 /PRNewswire/ -- Summit Ridge Energy, the nation's leading commercial solar company, today announced the closing of a $305 million senior secured credit facility with Bank of America to support a portfolio of community solar projects across Illinois and Maryland, totaling 158 megawatts (MW) of capacity. The facility was raised alongside HASI, a leading investor in sustainable infrastructure assets.
The financing package, which includes a $281 million term loan and a $24 million letter of credit facility, will provide term financing for the portfolio. The projects are expected to deliver reliable energy savings to 5,000 households and businesses, while generating significant local tax revenue and creating 3,000 jobs in construction, engineering, and long-term operations.
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 Illinois and Maryland, providing cost savings for thousands of customers while advancing America's energy independence with U.S.-made components and local labor."
"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:
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 $5B in project capital to finance 200+ solar facilities, 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.
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