Commercial solar company Summit Ridge Energy and Osaka Gas are partnering to develop U.S. clean energy projects. (Source: Shutterstock.com)
Commercial solar company Summit Ridge Energy and Osaka Gas are partnering to develop U.S. clean energy projects.
Arlington, Virginia-based Summit Ridge and Osaka Gas USA Corp., a subsidiary of Osaka Gas Co. Ltd., formed joint venture (JV) agreements aimed at constructing and operating solar and energy storage developments.
The JV deals represent the third and fourth JVs between Summit Ridge Energy and Osaka Gas USA, the companies announced June 26.
Financial terms of the deals were not disclosed, but SRE and OGUSA said the agreements represent a nine-figure investment in clean energy development.
The energy companies plan to construct, own and operate more than 100 megawatts (MW) of solar projects in the state of Virginia and 8 MW of energy storage systems in the state of New York.
“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 SRE CEO Steve Raeder in a news release. “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.”
SRE and OGUSA have worked together since 2021, when the companies formed a JV to develop and operate over 120 megawatts of solar projects in Maine.
The Maine solar JV marked OGUSA’s first project-level investment in the U.S. renewables space.
A year later, SRE and OGUSA came together on another JV to develop 50 MW of solar projects in Illinois.
SRE was launched in 2017 and is developing a pipeline of more than 2,000 MW of commercial solar power capacity. By the end of 2023, the company expects to have more than 400 MW of solar photovoltaic power generation online—enough solar power for around 50,000 homes.
OGUSA focuses its business on LNG liquefaction and exports, shale gas development and power generation.
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