Community solar firm Summit Ridge bags investment to expand geographical footprint
- United States community solar owner-operator Summit Ridge Energy has secured a US$ 175 million investment from private equity firm Apollo Global Administration.
With a profile of PV plants in operation or unfinished of more than 300MW, Virginia-headquartered Summit Ridge intends to utilize the financial investment to increase its geographical footprint as well as range its platform.
The firm expects to have greater than 500MW of solar and also 100MWh of battery storage projects on the internet by the end of 2023.
"Summit Ridge is an ideal companion for Apollo in the community solar sector as a very first moving company with a flexible, fully-integrated company design and also a tried and tested monitoring team," said Wilson Handler, a partner at Apollo, who will certainly join Summit Ridge's board of directors.
Summit Ridge's CEO, Steve Raeder, will continue to function as the board's chairman.
United States community solar implementation raised 7% last year to 957MW as well as additions are readied to be increased by support programmes as well as clean energy commitments from state governments, according to study firm Wood Mackenzie.
The country's Department of Energy established a target last year of getting to 26GW of mounted community solar by 2025.
Apollo previously this year released its lasting investing platform, which intends to release US$ 50 billion in clean energy and climate resources over the next five years.
