Foss & Company has closed an approximately $150 million tax equity investment involving Clean Electricity Investment Tax Credits generated by distributed energy projects across Illinois, owned through a joint venture between Summit Ridge Energy and Apollo Global Management.
The deal represents Foss & Company’s eighth tax equity deal with Summit Ridge.
The portfolio includes projects qualifying for tax credit adders tied to domestic content, energy communities and low-income communities.
More than half of the projects are expected to participate in Illinois’ Adjustable Block Program, which provides 15- or 20-year renewable energy credit streams supported by commercial subscribers.
The transaction is also among the industry’s first announced tax equity deals completed under the Section 48E Clean Electricity Investment Tax Credit framework.
The parties were required to address Foreign Entity of Concern requirements introduced under the One Big Beautiful Bill.
Foss said the diligence framework developed for the transaction could be used as a model for future Section 48E community solar financings.
Summit Ridge has more than 3 GW of solar and energy storage projects operating or under development nationwide.
Since its launch in 2017, the company has raised more than $7 billion in project capital for over 250 facilities serving more than 60,000 homes and businesses.
Foss, founded in 1983, has deployed more than $11 billion of tax equity on behalf of insurance companies, banks and other large corporate investors.
KEY QUOTES:
“Beyond the size of this transaction, it demonstrates our ability to move quickly and thoughtfully on a 48E deal in the community solar market, building a FEOC diligence framework that will serve as a model for future transactions.”
Bryen Alperin, Partner And Managing Director At Foss & Company
“Successfully navigating the FEOC requirements under the new Section 48E framework on our eighth deal together speaks to the depth of that relationship. This capital allows us to keep expanding access to locally generated power for commercial subscribers and low-income households across Illinois.”
Adam Kuehne, CIO Of Summit Ridge Energy
