Osaka Gas USA Corporation (“OGUSA”), a subsidiary of Osaka Gas Co., Ltd., and Summit Ridge Energy (“SRE”), the leading owner-operator of U.S. based community solar projects, have formed a joint venture to construct, own and operate over 120MW of distributed solar projects in the state of Maine. Once operational, the portfolio will generate clean power for approximately 11,000 Maine residents.
CohnReznick Capital acted as the exclusive financial advisor on the transaction, providing placement, structuring, due diligence, and negotiation support.
“Partnerships between strong sponsors and investors like OGUSA and Summit Ridge Energy greatly potentiate the clean energy transition,” said Richard O’Day, Senior Managing Director, CohnReznick Capital. “We’re honored to help facilitate the formation of this JV, which brings much-needed clean energy onto the grid while advancing the strategic growth objectives of two great companies.”
“We’re thrilled to advise OGUSA on their inaugural U.S. renewables project investment in support of their broader goal to contribute to the development of 5GW of renewable energy globally by 2030,” said Michael Tatarsky, Director, CohnReznick Capital.
OGUSA focuses on its three core businesses of the Freeport LNG liquefaction project, shale gas development, and power generation. OGUSA strives to contribute to achieving a low carbon/carbon neutral society by developing renewables as well as natural gas-fired power plants.
Since its founding in 2017, Summit Ridge Energy has become the country’s leading owner-operator of community solar assets. Through dedicated funding platforms, the team acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com.