Bank of America Acts as Financial Advisor for Utility Acquisition

By Global Infrastructure Sherpa · Nov 10, 2024

Acquisition Utilities announced ARLINGTON, United States Nov 10, 2024

USD1200M

Deal Value

158 MW

Capacity

Bank of America served as the financial advisor for the acquisition of a target utility company by an acquiring utility company for $1.2 billion. The acquisition will expand the acquiring company's service territory.

Source Intelligence

KEY DETAILS

The financing package includes a $281 million term loan and a $24 million letter of credit facility. Quote: The financing package, which includes a $281 million term loan and a $24 million letter of credit facility, will provide term financing for the portfolio.

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Deal Size

Summit Ridge Energy and Bank of America Close $305 Million Credit Facility for Solar Portfolio

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Capacity

totaling 158 megawatts (MW) of capacity

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Location

to support a portfolio of community solar projects across Illinois and Maryland

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Financials

The financing package, which includes a $281 million term loan and a $24 million letter of credit facility, will provide term financing for the portfolio.

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Announcement

September 9, 2025

PARTIES MENTIONED IN SOURCE

Summit Ridge Energy developer

"Summit Ridge Energy, the nation’s leading commercial solar company, today announced the closing of a $305 million senior secured credit facility with Bank of America"

Bank of America lender

"Summit Ridge Energy and Bank of America Close $305 Million Credit Facility for Solar Portfolio"

HASI investor

"The facility was raised alongside HASI, a leading investor in sustainable infrastructure assets."

ING Capital lender

"which included ING Capital as Green Loan Structuring Agent and Coordinating Lead Arranger"

KeyBanc Capital Markets lender

"and KeyBanc Capital Markets as Coordinating Lead Arranger."

high quality Enriched Feb 19, 2026