Apollo Funds Announce $175 Million Strategic Investment in Community Solar Industry Leader Summit Ridge Energy
Apollo and Summit Ridge Energy, LLC announced that funds managed by Apollo affiliates have agreed to invest $175 million in Summit Ridge, the top owner-operator of community solar assets.
Since its formation in 2017, Summit Ridge has formed two joint ventures totalling over $1 billion in permanent project capital and expanded its portfolio of operational or under construction solar projects to over 300 MW.
Summit Ridge estimates having more than 500 MW of solar and 100 MWh of battery storage online by the end of 2023, resulting in energy savings for about 175,000 residential and commercial users. Summit Ridge will use the funding from the Apollo Funds to further extend its regional reach and develop its platform.
Community solar is a fast-expanding section of the renewables market that enables people, businesses, nonprofits, and other organisations to participate in the clean energy economy by subscribing to local solar farms at prices below those of regular utilities.
Solar community projects have boosted urban and low-to-moderate income markets' access to clean energy savings.
The installed capacity of community solar has surged since 2018, and this trend is projected to continue as customers grow more environmentally conscious, solar economics improve, and national commitments to the energy transition expand.
Wilson Handler, Apollo Partner, 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 a 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.”
Summit Ridge Energy CEO Steve Raeder 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, is an excellent match for Summit Ridge’s fast-paced growth and leading position in the clean energy economy.”
Corinne Still, Apollo Partner, commented:
“We are pleased to work with Summit Ridge to expand access for underserved communities to participate in the clean energy transition. 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.”
Corinne Still and Wilson Handler will join the Summit Ridge Energy Board of Directors as a result of the investment made by the Apollo Funds. Steve Raeder, CEO of Summit Ridge Energy, will continue to serve as board chairman.
The transaction reflects Apollo's dedication to fostering a more sustainable future and its extensive history of investing in or financing firms supporting the clean energy transition. This year, Apollo introduced its Sustainable Investing Platform, which aims to deploy $50 billion in clean energy and climate finance over the next five years and more than $100 billion by 2030.
Over the past five years, Apollo has invested more than $19 billion1 in energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure, such as offshore and onshore wind, solar, storage, renewable fuels, electric vehicles, and a vast array of technologies that facilitate decarbonisation.
Source: GlobeNewswire
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