Apollo Invests $175 Million in Summit Ridge Energy For Community Solar Projects

• By the end of 2023, Summit Ridge expects to have more than 500 MW of solar and also 100 MWh of battery storage space projects on-line supplying energy savings to roughly 175,000 household as well as commercial customers.
• Earlier, Apollo released its Sustainable Investing Platform, which is looking to deploy $50 billion in clean energy and also climate capital over the following five years.

Worldwide corporation Apollo Global Management has revealed that it will be making an investment worth $175 million in Summit Ridge Energy, a leading owner-operator of community solar assets.

Because it entered being in 2017, Summit Ridge has actually developed 2 joint ventures amounting to more than $1 billion in irreversible project capital. It has additionally increased its portfolio of solar projects in operation to more than 300 MW. By following year-end, the company prepares for adding over 500 MW of solar and 100 MWh of battery storage projects online, thereby facilitating energy savings to nearly as several as 175,000 residential as well as commercial consumers. With the stated financial investment, Summit Ridge established its sights on additional expanding its geographic impact while likewise scaling its platform.

Wilson Handler, Partner at Apollo Global Management, said, "With this financial investment, we see tremendous possibility to access a high-growth segment of the renewables market while likewise generating positive environmental as well as social end results for neighborhood stakeholders. We anticipate working with Steve et cetera of the Summit Ridge group to perform on its current pipe while discovering extra possibilities to create value."

Steve Raeder, CHIEF EXECUTIVE OFFICER, Summit Ridge Energy, specified "Summit Ridge gets on a solid trajectory as well as we are thrilled to welcome Apollo as a new partner. Apollo's long track record of sustainable investing, paired with its operational experience as well as considerable sources, are an excellent suit for Summit Ridge's fast paced development and leading placement in the clean energy economic climate."

Corinne Still, Partner Private Equity at Apollo Partner, additionally included, "Community solar offers compelling benefits for individuals, houses as well as organizations alike. In supporting Summit Ridge's ongoing development, we expect to have a significant favorable impact on communities by facilitating raised uptake of renewable energy resources, creating regional jobs and establishing sustainable facilities."

According to the official statement by Apollo earlier this year, the company established its Sustainable Investing Platform, which aims at releasing $50 billion in clean energy as well as climate capital in the next 5 years. It is eyeing a possibility to release greater than $100 billion by 2030.

In the last five-year span, it has already deployed greater than $19 billion right into energy transition and also sustainability-related financial investments, sustaining companies and also projects throughout clean energy and also framework, including offshore and onshore wind, solar, storage, renewable gas, electric vehicles and also different innovations to help decarbonization.