Summit Ridge Energy announced it secured two loans worth $15 million from Fundamental Renewables for two New York City energy storage projects.
Summit Ridge plans to install the two lithium-ion battery storage projects in Staten Island. The systems are expected to deliver approximately 31 MWh before recharging.
The storage projects have been awarded a Block Incentive through the NYSERDA Retail Energy Storage Incentive Program and will operate under New York’s Value of Distributed Energy Resources tariff.
These are the first of what Summit Ridge expects will be many battery storage projects.
“The battery storage space is an exciting new frontier in the renewable energy sector and an important part of that transition,” said Brian Dunn, Chief Operating Officer of Summit Ridge.
Summit Ridge Energy owns community solar projects in the U.S., including a 9.2 MW solar array on the roof of a commercial warehouse in Maryland, which is now the largest rooftop community solar project in the country.
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