Apollo and Summit Ridge Energy, LLC, one of the nation’s leading commercial solar companies, have announced a new joint venture partnership. Under the agreement, funds managed by Apollo have committed up to $400 million to jointly own and operate a portfolio of commercial solar assets across Illinois.
Summit Ridge Energy is recognized as one of the largest owner-operators of commercial solar projects in the United States. The company currently has over 2 GW of solar projects either operating or under development in several states, including Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania, and Maine. These projects provide energy savings to more than 40,000 homes and businesses and contribute to strengthening American energy independence.
Apollo Partner Corinne Still, said in a statement, “We are pleased to expand our relationship with Summit Ridge Energy and enter this new partnership, which we believe represents a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands for households and businesses alike. Apollo is committed to serving as a leading capital provider enabling the new industrial renaissance and is excited to continue our support of Summit Ridge’s mission to deliver a more secure, self-reliant energy future for communities across the country.”
Adam Kuehne, Chief Investment Officer of Summit Ridge Energy, mentioned, “As we expand our footprint of solar assets, Summit Ridge Energy is advancing a more reliable and locally driven energy system—bolstering the U.S. electric grid while delivering savings to businesses and households and helping to create thousands of American jobs. We’re proud to partner with the Apollo team as we continue driving the nation toward greater energy independence.”
The new partnership builds on an existing relationship between the two companies. In 2022, Apollo Funds made a $175 million strategic investment in Summit Ridge Energy, helping the company expand its footprint and capabilities. Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billion toward climate and energy transition-related investments, supporting a wide range of companies and projects in clean energy and infrastructure.
For the current transaction, Orrick, Herrington & Sutcliffe LLP served as legal counsel to the Apollo Funds, ensuring the smooth structuring and execution of the partnership agreement. Through this expanded collaboration, Apollo and Summit Ridge Energy aim to accelerate the deployment of clean energy solutions and enhance access to affordable renewable energy across the Midwest.
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