- Summit Ridge Energy CEO Steve Raeder will continue to serve as the board’s chairman.
- Apollo partners Corinne Still and Wilson Handler will join the Summit Ridge’s board of directors
- The investment aims to increase uptake of renewable energy sources, creating local jobs and developing sustainable infrastructure
Apollo is making a $175 million strategic investment in Summit Ridge Energy, the owner-operator of community solar assets. Since launching in 2017, Summit Ridge has developed multiple community solar projects. With the funding from Apollo, the company expects to continue scaling its projects and geographic footprint.
Summit Ridge is expecting to bring more than 500 MW of solar and 100 MWh of battery storage projects online by the end of next year.
Community solar is a rapidly growing segment of the renewables market that allows individuals, businesses, nonprofits and other groups to participate in the clean energy economy by subscribing to local solar farms at discounted rates.
Community solar projects have increased access to clean energy savings in urban and low-to-moderate income markets. Since 2018, the installed capacity of community solar has been on a growth path, a trend that is expected to continue as consumers become more environmentally conscious.
Apollo partner Wilson Handler said the firm is looking forward to working with the Summit Ridge team to execute on its current pipeline while also exploring additional opportunities to create value.
“Summit Ridge is an ideal partner for Apollo in the community solar segment as a first mover with a flexible, fully-integrated business model and a proven management team,” he said. “With this investment, we see tremendous opportunity to access a high-growth segment of the renewables market while also producing positive environmental and social outcomes for local stakeholders.”
Summit Ridge chief executive Steve Raeder said Apollo’s long track record of sustainable investing, coupled with its operational expertise and significant resources are an excellent match for the company’s fast paced growth and leading position in the clean energy economy.
Earlier this year, Apollo launched its Sustainable Investing Platform which targets to deploy $50 billion in clean energy and climate capital over the next five years with an opportunity to double that by 2030.
Over the last five years, Apollo deployed over $19 billion into energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure.