Apollo Invests $175 Million in Summit Ridge Energy For Community Solar Projects

Global conglomerate Apollo Global Management has revealed that it will be making an investment worth $175 million  in Summit Ridge Energy, a leading owner-operator of community solar assets.

Since it came into being in 2017, Summit Ridge has formed two joint ventures totaling more than $1 billion in permanent project capital. It has also expanded its portfolio of solar projects in operation to more than 300 MW. By next year-end, the company anticipates adding over 500 MW of solar and 100 MWh of battery storage projects online, thereby facilitating energy savings to nearly as many as 175,000 residential and commercial customers. With the said investment, Summit Ridge set its sights on further expanding its geographic footprint while also scaling its platform.

Wilson Handler, Partner at Apollo Global Management, said, “With this investment, we see tremendous opportunity to access a high-growth segment of the renewables market while also producing positive environmental and social outcomes for local stakeholders. We look forward to working with Steve and the rest of the Summit Ridge team to execute on its current pipeline while exploring additional opportunities to create value.”

Steve Raeder, CEO, Summit Ridge Energy, stated “Summit Ridge is on a strong trajectory and we are excited to welcome Apollo as a new partner. Apollo’s long track record of sustainable investing, coupled with its operational expertise and significant resources, are an excellent match for Summit Ridge’s fast paced growth and leading position in the clean energy economy.”

Corinne Still, Partner Private Equity at Apollo Partner, further added, “Community solar offers compelling benefits for individuals, households and businesses alike. In supporting Summit Ridge’s continued growth, we expect to have a significant positive impact on communities by facilitating increased uptake of renewable energy sources, creating local jobs and developing sustainable infrastructure.”

According to the official statement by Apollo earlier this year, the company set up its Sustainable Investing Platform, which aims at deploying $50 billion in clean energy and climate capital in the next five years. It is eyeing an opportunity to deploy more than $100 billion by 2030.

In the last five-year span, it has already deployed more than $19 billion into energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure, including offshore and onshore wind, solar, storage, renewable fuels, electric vehicles and various technologies to aid decarbonization.