Former SunEdison Team Gets Solar Funding

Summit Ridge Energy, a new solar company led by former employees of bankrupt SunEdison Inc., obtained funding from New York-based Aligned Intermediary, an investment adviser focused on climate-related projects, raised capital from five members of its team and six outside backers.

Summit Ridge will initially focus on the East Coast and Midwest. The company also plans to offer energy efficiency and storage products that can be coupled with solar. It expects to complete its first solar projects in the first quarter of 2018.

“We had unfinished business,” CEO Steve Raeder said in an interview. “We were developing new solar assets on the East Coast. A lot of those activities were cut short by the bankruptcy.” He declined to specify the size of the investment.