BlackRock’s infrastructure investment unit Global Infrastructure Partners (GIP) announced the acquisition of a majority and controlling interest in Summit Ridge Energy, one of the largest commercial solar power companies in the U.S.

Launched in 2017, Summit Ridge develops, owns, and operates distributed energy and battery energy storage systems that deliver locally generated power to businesses and homes across the Midwest, Mid-Atlantic, and New England markets. To date, the company has raised over $7 billion in project capital to finance more than 250 facilities, and has more than 3 GW of solar and energy storage projects operating and in development across the U.S.

According to GIP, the acquisition comes amidst key trends in the U.S., including unprecedented growth in electricity demand, and a renewed focus on energy security and affordability, with Summit Ridge poised to benefit due to its ability to add new generation quickly and deliver energy at a lower cost.

Mark Florian, Head of GIP Mid-Market Funds, said:

“We are thrilled to acquire Summit Ridge Energy, a national leader in the solar energy space. Its market-leading platform and strong track record positions the company at the forefront of the industry amid a shifting energy landscape characterized by rising demand and a changing energy mix.”

According to the companies, the transaction will enable Summit Ridge to advance its development pipeline of solar and battery projects, hold a larger share of projects directly on its balance sheet and expand its project acquisition capabilities through new, larger funding vehicles.

Steve Raeder, Founder and Chief Executive Officer at Summit Ridge Energy, said:

“Summit Ridge has established itself as one of the top commercial solar platforms in the United States and the industry’s leading project acquisition machine. Our partnership with GIP strengthens these aspects of our business, as well as our ability to lead industry consolidation in what has become a fragmented market to further extend the competitive advantages that have made Summit Ridge the leader in our space.”

BlackRock acquired GIP in 2024 for $12.5 billion, citing emerging long-term opportunities in areas including decarbonization, energy security, digital infrastructure, and supply chain transitions.