Global alternative investment manager Apollo announced a $175 million investment in community solar operator Summit Ridge Energy aimed at helping scale the company’s platform and expand its geographic footprint.
Community solar is a rapidly expanding segment of the renewables market that enables people, companies, and other organizations to access clean energy by subscribing to local solar farms at discounted rates to traditional utilities. The installed capacity of community solar has increased dramatically in recent years, and this trend is anticipated to continue, according to Apollo.
Corinne Still, Apollo Partner, said:
“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.”
Launched in 2017, Summit Ridge develops, acquires, and finances projects within the solar energy and battery storage sectors through dedicated funding platforms. Since launching, the firm has formed two joint ventures totaling over $1 billion in permanent project capital and has grown its portfolio of solar projects in operation or under construction to over 300 MW. By the end of 2023, it expects to have more than 500 MW of solar and 100 MWh of battery storage projects online.
Steve Raeder, Summit Ridge Energy CEO, said:
“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.”
The announcement follows Apollo’s launch in February this year of a sustainable investing platform, which targets to deploy $50 billion in clean energy and climate capital over the next five years, and sees the opportunity to deploy over $100 billion by 2030.
Apollo Partners Corinne Still and Wilson Handler will join the Summit Ridge Energy Board of Directors. Handler said:
“Summit Ridge is an ideal partner for Apollo in the community solar segment as a first mover with a flexible, fully-integrated business model and a proven management team. 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.”