Mitsubishi UFJ Financial Group (MUFG) announced a $290 million credit facility for Summit Ridge Energy, a developer of commercial solar projects in the United States. The facility will fund the development and construction of a 2.5 MW community solar project in Braidwood, Illinois, and will support the company’s broader pipeline of more than 2 GW of solar capacity in development.
This financing marks the fifth partnership between MUFG and Summit Ridge Energy, bringing the total amount of MUFG‑backed capital to nearly $1 billion. The deal underscores MUFG’s long‑standing commitment to renewable‑energy project finance and its strategy to deepen exposure to the U.S. market, where the Inflation Reduction Act and corporate sustainability goals are driving demand for clean power.
Summit Ridge Energy’s Vice President of Project Finance, Phil Schapiro, said the new facility “enables us to further expand our operations and execute on our growing energy pipeline, delivering locally generated power that strengthens the grid while providing meaningful cost savings to thousands of customers.” MUFG’s Project Finance Director, Phillip Fletcher, added that the facility “underscores our commitment to delivering tailored financing solutions that enable our clients to meet the growing energy needs of U.S. infrastructure.”
The $290 million loan is structured as a term facility with a 5‑year maturity and a floating interest rate tied to the U.S. Treasury 5‑year yield. While the exact interest rate and covenants were not disclosed, MUFG’s recent financial results for the first half of fiscal 2025 showed a 12% increase in net interest income, reflecting a robust portfolio of renewable‑energy loans and a strong credit environment.
The partnership aligns with MUFG’s broader sustainability agenda, which includes a target of $10 billion in green financing by 2026. By backing Summit Ridge Energy’s projects, MUFG is positioning itself to capture a share of the rapidly expanding U.S. commercial solar market, which is expected to grow at a 15% CAGR over the next decade.
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