Funds managed by Apollo associates (Apollo Funds) have agreed to make a $175 million strategic funding in Summit Ridge Energy LLC, an owner-operator of group photo voltaic property.
Since launching in 2017, Summit Ridge has fashioned two joint ventures totaling over $1 billion in everlasting undertaking capital and has grown its portfolio of photo voltaic initiatives in operation or below development to greater than 300 MW. By the top of 2023, Summit Ridge expects to have greater than 500 MW of photo voltaic and 100 MWh of battery storage initiatives on-line offering power financial savings to roughly 175,000 residential and business prospects.
“Summit Ridge is a perfect companion for Apollo locally photo voltaic phase as a primary mover with a versatile, absolutely built-in enterprise mannequin and a confirmed administration group,” says Wilson Handler, an Apollo companion. “With this funding, we see great alternative to entry a high-growth phase of the renewables market whereas additionally producing optimistic environmental and social outcomes for native stakeholders. We sit up for working with Steve and the remainder of the Summit Ridge group to execute on its present pipeline whereas exploring further alternatives to create worth.”
“Summit Ridge is on a powerful trajectory, and we’re excited to welcome Apollo as a brand new companion,” states Summit Ridge Power CEO Steve Raeder. “Apollo’s lengthy observe file of sustainable investing, coupled with its operational experience and important assets, are a superb match for Summit Ridge’s fast-paced development and main place within the clear power economic system.”
Because of the funding by the Apollo Funds, Apollo Companions Corinne Nonetheless and Wilson Handler will be part of Summit Ridge Power’s board of administrators. Summit Ridge Power’s CEO, Steve Raeder, will proceed to function the board’s chairman.
“We’re happy to work with Summit Ridge to broaden entry for underserved communities to take part within the clear power transition,” provides Corinne Nonetheless, an Apollo companion. “Group photo voltaic provides compelling advantages for people, households and companies alike. In supporting Summit Ridge’s continued development, we count on to have a major optimistic affect on communities by facilitating elevated uptake of renewable power sources, creating native jobs and creating sustainable infrastructure.”
Vinson & Elkins served as authorized counsel to the Apollo Funds within the transaction. Citibank N.A. served as lead monetary advisor and Saul Ewing served as authorized counsel to Summit Ridge.