Apollo Global Management and Vermont-based Bullrock Energy Ventures have announced a joint venture supported by up to $220 million in funding from Apollo-managed funds. The partnership will focus on the development and construction of a community solar portfolio spanning New York and New England.
As part of the agreement, $100 million from Apollo’s equity commitment will be allocated to advance Bullrock’s pipeline of nearly 500 megawatts (MW) of renewable energy projects. The initiative is part of a broader effort to enhance clean energy access for local communities in the Northeastern United States.
Bullrock Energy Ventures, which operates across the region, employs a vertically integrated model covering the full project lifecycle—from deal sourcing and development to construction, financing, and asset management. Over the past decade, Bullrock and its partner firm NxtGenREA, led by Mike Mills, have developed close to 500 MW of solar capacity in New York, New England, and the Midwest.
The joint venture highlights the continued expansion of community solar as a decentralised energy solution, providing affordable clean power to residential and commercial consumers while supporting grid resilience and regional energy independence.
Apollo’s partner Corinne Still described the investment as part of the firm’s broader strategy to support the energy transition. “Community solar offers a practical route to expanding clean energy access, and we believe this portfolio will deliver both environmental and economic benefits,” she said.
Bullrock founder and chairman Gregg Beldock, along with managing partner Amory Beldock, said the partnership with Apollo would help scale their existing platform. They emphasised the role of community solar in reducing energy costs and stimulating local economies.
The tax equity for the portfolio has been arranged by NxtGenREA. Legal advisors for the transaction included Orrick, Herrington & Sutcliffe LLP for Apollo, and Brown Rudnick LLP for Bullrock.
Apollo has been actively involved in climate and energy transition financing, with approximately $58 billion committed, deployed, or arranged over the past five years across various clean energy and infrastructure projects. The firm aims to channel more than $100 billion into climate-related investments by 2030 under its Climate and Transition Investment Framework.
