Apollo funds invest USD 175m in community solar firm Summit Ridge
Solar system. Author: Mike Weber. License: Creative Commons, Attribution 2.0 Generic
Funds managed by affiliates of alternative asset manager Apollo (NYSE:APO) have agreed to invest USD 175 million (EUR 174m) in US community solar specialist Summit Ridge Energy LLC, the companies said today.
Apollo’s strategic investment will allow Summit Ridge to broaden its geographic presence and continue to grow its platform, which was launched in 2017 and has so far reached more than 300 MW of solar projects in operation or under construction. Summit Ridge anticipates having more than 500 MW of solar and 100 MWh of battery storage in operation by the end of 2023.
“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,” said Apollo partner Wilson Handler.
In February, Apollo launched its sustainable investing platform with a target to deploy USD 50 billion in clean energy and climate capital over the next five years.
The investment will see two Apollo partners join Summit Ridge’s board of directors.