Summit Ridge Energy | December 01, 2021
Summit Ridge Energy held a ribbon cutting ceremony to celebrate completion of the nation's largest rooftop community solar project.
The 9.2 MW solar project, operated by SRE and jointly owned with Annapolis-based climate investment firm Hannon Armstrong, is located in Carroll County, Maryland on a large commercial warehouse owned by STAG Industrial. Black Bear Energy facilitated the partnership between SRE and STAG while Powerflex provided engineering, procurement and construction services for the project.
Once operational, the community solar project will provide monthly energy savings to approximately 1,300 residential and small commercial customers located across the state.
This is a marquee project for Summit Ridge, our capital partners at Hannon Armstrong and the entire community solar industry. Leveraging 23 acres of largely unused roof space to generate energy savings for thousands of Marylanders is precisely the direction our nation's energy generation strategy needs to head."
Steve Raeder, CEO, Summit Ridge
"This solar project resulting from the partnership of Summit Ridge Energy and STAG Industrial is an excellent example in alignment with Governor Hogan's roadmap of deploying renewable energy on available rooftop or brownfield space," said Dr. Mary Beth Tung, Director of the Maryland Energy Administration. "Clean energy from this installation will benefit the local economy and create opportunities for a wide variety of organizations and residents."
SRE's rooftop community solar portfolio across the state has grown to over 75 MW's, enough to power nearly 11,000 homes. Nearly one-third of the projects will serve low-to-moderate income ("LMI") customers, highlighting the industry's unique ability to provide renewable energy savings to Americans of all socioeconomic backgrounds.
The recent expansion of Maryland's Community Solar Pilot Program is evidence of community solar's rapid growth within the broader renewable energy space, as is Department of Energy's October announcement of a National Community Solar Partnership target of 26 GW by 2025, enough to power the equivalent of five million homes and create $1 billion in annual energy savings.
About Summit Ridge Energy
Summit Ridge Energy is the country's leading owner-operator of community solar assets. Through dedicated funding platforms, the team acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors.
The Nature Conservancy | September 14, 2021
"This project is a huge win for Southwest Virginia's economy," said Ed Baine, President of Dominion Energy Virginia. "It's also another major step toward building a 100 percent clean energy economy in Virginia. Repurposing former coal mines for solar is a smart way to enhance the region's economy and bring renewables to Southwest Virginia."
Today's announcement comes two months after The Nature Conservancy announced a similar effort to construct solar on former mined lands with Charlottesville, Virginia-based Sun Tribe, and Washington, D.C.-based Sol Systems. Taking all three companies' efforts together, the utility-scale solar projects within the Cumberland Forest Project will cover nearly 1,700 acres and generate an estimated 120 megawatts of solar energy.
"Southwest Virginia and the wider Central Appalachian coalfields have an important role to play in the renewable energy economy," said Brad Kreps, director of The Nature Conservancy's Clinch Valley Program. "Some of the region's former mined lands are well suited for solar development and by directing development towards these areas it will help us conserve the region's intact forests for wood products, carbon storage, wildlife habitats, outdoor recreation and tourism. By collaborating with Dominion Energy and other companies on these initial projects, we hope to develop a model that can be replicated in other coal mining regions across the U.S."
The Highlands Solar project will be developed within the Cumberland Forest Project and surrounding properties. Managed by The Nature Conservancy and owned by its Cumberland Forest, LP impact investment fund, the Cumberland Forest Project was announced in 2019 and encompasses nearly 253,000 acres of land in Southwest Virginia, Eastern Tennessee, and Eastern Kentucky. The vast majority of the property is designated for the protection and restoration of native forests. However, there are several thousand acres of non-forested, former surface coal mines that can support solar energy projects and local economic development with minimal impacts to the environment.
Over the next two to three years, Dominion Energy will conduct additional field studies, further develop the project plans, and complete the local and state permitting processes. The company will jointly develop the project with ANTARES Group, which will serve as the owner's engineer. The company plans to begin construction in 2024 or 2025, subject to review and approval by the Virginia State Corporation Commission.
In addition to reinvesting in Southwest Virginia's economy, the project will support the goals of the Virginia Clean Economy Act, which calls for Dominion Energy Virginia to produce its electricity from 100 percent carbon-free sources by 2045.
"Virginia has set important and ambitious goals to produce clean, affordable energy while growing its economy," said Virginia Secretary of Commerce and Trade Brian Ball. "Southwest Virginia has long been an energy leader, and the pursuit of solar projects on former mined lands represents an exciting new chapter and important opportunity for the region's economic diversification."
The project will also advance the goals of legislation sponsored by Delegate Terry Kilgore in the 2021 General Assembly Session, which encouraged the redevelopment of former mined lands and brownfields as sites for renewable energy projects.
"For generations Southwest Virginia's coalfields have powered America's homes and our economy," said Delegate Terry Kilgore. "As we transition to cleaner energy, Southwest Virginia is once again leading the way. I'm excited to see The Nature Conservancy, Dominion Energy, and other solar developers investing in our region and helping to pave the way for the next generation of economic progress in Southwest Virginia."
The Highlands Solar and other projects in Southwest Virginia will help advance the work The Nature Conservancy has been pursuing around the country, including in neighboring West Virginia, through its "Mining the Sun" initiative to demonstrate the win-win potential of renewable energy development on previously disturbed lands.
Other state and local leaders applauded today's announcement:
State Senator Todd Pillion: "I am excited about this new chapter for Southwest Virginia. The innovative partnership between The Nature Conservancy and Dominion Energy will help open new doors to our workforce and provide new opportunities for economic development throughout our region."
J.H. Rivers, Chairman, Wise County Board of Supervisors: "This is great news for our county. Dominion Energy and The Nature Conservancy are long-time partners with Wise County, who have supported our community through economic development and cleaning up our watershed."
Josh Evans, Chairman, Dickenson County Board of Supervisors: "On behalf of the Dickenson County Board of Supervisors, we are excited and grateful to see this investment by Dominion Energy. We are proud to highlight our century long contributions to the Commonwealth of Virginia and the nation by our coal miners. This new opportunity presents a chance for us continue to support our coal sector as well as diversify our tax base and provide increased revenues for our schools and law enforcement."
About The Nature Conservancy
The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions to our world's toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more sustainable. Working in 72 countries, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. Learn more about The Nature Conservancy's work in Virginia at nature.org/virginia and follow us on Twitter, Instagram, and Facebook.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050.
REC Group | October 11, 2021
REC Group, an international pioneering solar energy company headquartered in Norway, today announces Reliance New Energy Solar Limited, a wholly owned subsidiary of Reliance Industries Ltd (Reliance), has signed a definitive binding agreement to acquire 100% shareholding of the largest European solar panel brand. REC Group (REC) welcomes the decision as this will allow a significant acceleration of the company's expansion plans.
Over its 25-year history, REC has consistently set new standards and introduced numerous innovations in the solar PV industry. This deal is therefore a perfect fit for the two strong brands with big ambitions to speed up the energy transition for a cleaner future. REC's production capacity has limited the company in serving more customers in more markets which demand its cutting-edge high-quality products. This new ownership will allow REC to rapidly boost its scale and better serve its increasing customer base and end consumers.
With Reliance's financial strength and commitment to solar, REC will grow to over 5 GW of capacity within the next 2 to 3 years in Singapore, Europe and USA. In India, Reliance plans to use this industry leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum. The combination of high-efficiency solar panels and economies of scale will allow consumers in more markets around the globe to access REC's premium solar panels and benefit from highly competitive electricity costs per kWh while actively reducing carbon emissions. As part of the Reliance family, REC and Reliance will accelerate their joint mission to empower people around the globe with clean and affordable solar energy.
Headquartered in Mumbai, India, Reliance is India's largest private sector company, with a consolidated turnover of INR 539,238 crore ($73.8 billion), cash profit of INR 79,828 crore ($10.9 billion), and net profit of INR 53,739 crore ($7.4 billion) for the year ended March 31, 2021. Reliance's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
Founded and headquartered in 1996 in Oslo, Norway, REC has grown to become a credible advocate for the global energy transition and green economy by strongly focusing on highly innovative solar technology. Among REC's key innovations are the award-winning split cell and junction box technology in a patented twin panel design as well as the lead-free and RoHS-compliant REC Alpha Pure solar panel, based on the advanced heterojunction cell technology. By providing high power density solar panels with a reliable long-term performance and a comprehensive warranty, REC makes it easy for homeowners and businesses to benefit from significant savings on electricity costs and carbon emissions. REC's advanced manufacturing techniques and its low carbon footprint silicon production in Norway allows consumers to even further minimize their personal environmental footprint.
LW44 is acting as the exclusive financial advisor and Fangda Partners and Baker McKenzie as legal advisors to REC and China National Bluestar (Group) Co in this transaction.
About Reliance Industries Limited (RIL)
Reliance is India's largest private sector company, with a consolidated turnover of INR 539,238 crore ($73.8 billion), cash profit of INR 79,828 crore ($10.9 billion), and net profit of INR 53,739 crore ($7.4 billion) for the year ended March 31, 2021. Reliance's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. Reliance is the top-ranked company from India to feature in Fortune's Global 500 list of 'World's Largest Companies'. It features among LinkedIn's 'The Best Companies to Work For in India' (2021).
About REC Group
REC Group is an international pioneering solar energy company dedicated to empowering consumers with clean, affordable solar power through high-quality solar panels with a leading power density. As Solar's Most Trusted, REC is known for its patented innovations and multiple award-winning products with reliable long-term performance. The cornerstone for REC's strong reliability is advanced and highly efficient manufacturing using Industry 4.0 practices. Founded in 1996 in Norway, REC has always been committed to a low carbon footprint in its solar materials and panels. REC is headquartered in Norway with operational headquarters in Singapore and regional hubs in North America, Europe, and Asia-Pacific.