US neighborhood photo voltaic owner-operator Summit Ridge Vitality has secured a US$175 million funding from personal fairness agency Apollo World Administration.
With a portfolio of PV crops in operation or underneath development of greater than 300MW, Virginia-headquartered Summit Ridge plans to make use of the funding to increase its geographic footprint and scale its platform.
The corporate expects to have greater than 500MW of photo voltaic and 100MWh of battery storage tasks on-line by the tip of 2023.
“Summit Ridge is a perfect associate for Apollo in the neighborhood photo voltaic section as a primary mover with a versatile, fully-integrated enterprise mannequin and a confirmed administration group,” stated Wilson Handler, a associate at Apollo, who will be a part of Summit Ridge’s board of administrators.
Summit Ridge’s CEO, Steve Raeder, will proceed to function the board’s chairman.
US neighborhood photo voltaic deployment elevated 7% final 12 months to 957MW and additions are set to be boosted by help programmes and clear power commitments from state governments, in keeping with analysis agency Wooden Mackenzie.
The nation’s Division of Vitality set a goal final 12 months of reaching 26GW of put in neighborhood photo voltaic by 2025.
Apollo earlier this 12 months launched its sustainable investing platform, which goals to deploy US$50 billion in clear power and local weather capital over the following 5 years.