Summit Ridge Energy (SRE), a US developer focusing on the community solar sector, has secured US$275 million in additional funding for 15 community solar projects each in the US states of Illinois and Virginia. This deal was influenced by the Inflation Reduction Act (IRA), which aims to encourage greater domestic investment in the renewable supply chain. SRE’s reliance on these favourable investment conditions and foreign financial support from a foreign investor could set a precedent for new investment decisions in the sector. The Solar Energy Industries Association (SEIA) estimates that the solar and storage sectors have added US$100 billion to the US economy since the passing of the IRA, but there is evidence that domestic support for new US solar could be slowing down. Despite this, SRE has continued to attract additional investment from a range of sources, suggesting a diverse range of backers is an effective way of funding new solar developments.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
