Former SunEdison employees raise funds for new solar venture
Former employees of the bankrupt SunEdison have raised funding for a new development company focused on solar projects.
Summit Ridge Energy is led by CEO Steve Raeder, who previously managed SunEdison’s East Coast commercial and industrial solar business. The principals at Summit Ridge, which is based in Arlington, Virginia, also include Christian Redmond and Jarryd Commerford, both of whom previously worked at SunEdison.
The company has landed an investment led by New York-based Aligned Intermediary, an investment advisory firm that is focused on climate infrastructure assets, including renewable energy.
“We chose to invest in Summit Ridge due to the strength of its management team, strong track record, and ability to execute,” Peter Davidson, CEO of Aligned Intermediary, said in a statement.
Summit Ridge will develop, finance and acquire commercial and industrial solar projects, with a focus on the Midwest and East Coast markets. The company already has completed initial project acquisitions and plans to complete its first solar project in the first quarter of 2018.
“Summit Ridge brings together a world class team that understands solar development from start to finish,” Raeder said in a statement. “We see a tremendous opportunity in several markets where we led for years to reengage and provide a stronger, more reliable range of services to customers, landowners, and other solar developers.”
Maryland Heights-based SunEdison filed for bankruptcy in April 2016.
SOURCE: St. Luis Business Journal