Apollo Global Management has committed up to $400 million through its managed funds to form a new joint venture with Summit Ridge Energy, a leading U.S. commercial solar company, to jointly own and operate a portfolio of solar assets across Illinois.
Summit Ridge Energy, one of the largest owner-operators of commercial solar projects in the United States, has a portfolio of more than 2GW either operating or under development across multiple states including Maryland, Virginia, New York, and Pennsylvania. Its projects currently provide energy savings to over 40,000 homes and businesses, while contributing to national energy independence. The latest deal follows a $175 million strategic investment by Apollo Funds in Summit Ridge in 2022.
Apollo partner Corinne Still said the partnership presented “a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands.” She added that Apollo remained committed to supporting the “new industrial renaissance” and to backing efforts that enhance energy resilience.
Adam Kuehne, Chief Investment Officer at Summit Ridge Energy, said the expanded partnership would help advance a more reliable and decentralised energy system in the U.S. “We’re proud to partner with the Apollo team as we continue driving the nation toward greater energy independence,” he said.
Apollo has, over the last five years, committed, deployed or arranged nearly $58 billion in climate and energy transition-related investments across clean energy and infrastructure projects. Legal counsel for the transaction was provided by Orrick, Herrington & Sutcliffe LLP.
