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.
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.
Read more: St. Louis Business Journal