Summit Ridge, Osaka Gas enter joint venture to develop solar and storage projects

partnership agreement

Commercial solar and energy storage company Summit Ridge Energy (SRE) has expanded its partnership with Osaka Gas USA Corp. (OGUSA), a subsidiary of Osaka Gas Co. Ltd., to construct, own and operate more than 100 MW of solar projects throughout the state of Virginia and 8 MW of energy storage systems in New York. The joint venture deals represent a nine-figure investment in clean energy development.

The deals mark the third and fourth joint ventures between SRE and OGUSA, strengthening their long-term partnership.

“We are proud to strengthen our relationship with OGUSA to grow the commercial solar industry in our home state of Virginia and enter New York’s energy storage market,” said Steve Raeder, CEO at SRE. “Our ongoing partnership will create new jobs across the both states, generate meaningful tax revenue for the local economy and allow more households and businesses to benefit from clean energy savings.”

OGUSA invests in energy infrastructure assets and businesses across North America and promotes renewable energy in its power business as key components for reduction of greenhouse gas. The company’s established core businesses focus on LNG liquefaction and export, shale gas development and power generation. However, OGUSA also strives to contribute to achieving a low carbon/carbon neutral society by developing renewables, battery storage technology and e-methane (the technology to produce synthetic methane from hydrogen and CO2) as well as natural gas related business.

“OGUSA is pleased to expand our partnership with SRE into the community solar market in Virginia and battery storage market in New York,” said Sunao Okamoto, President & CEO of OGUSA. “We’re eager to pursue new technologies, enter new markets and further contribute to the decarbonization and stability of the U.S.a power grid.”

Launched in 2017, Summit Ridge develops and acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. In the past five years, the company has deployed more than $1.6 billion 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.

Listen to more in-depth conversations on Solar Builder's YouTube channel

Our most popular series include:

Power Forward! | A collaboration with BayWa r.e. to discuss higher level industry topics.
The Buzz | Where we give our 2 cents per kWh on the residential solar market.
The Pitch | Discussions with solar manufacturers about their new technology and ideas.

Tags: , , ,

Comments are closed here.