PE Deals

Apollo to invest $175m in solar company Summit Ridge

The investment will be used by Summit Ridge to expand its geographic footprint and scale its platform.

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  • In conjunction with the transaction, Apollo Partners Corinne Still and Wilson Handler will join the Summit Ridge Energy board of directors
  • Summit Ridge Energy CEO Steve Raeder will continue to serve as the board’s chairman
  • Vinson & Elkins served as legal counsel to Apollo while Citibank N.A. served as lead financial advisor to Summit Ridge with Saul Ewing serving as legal counsel

Apollo has agreed to invest $175 million in Summit Ridge, an owner-operator of community solar assets.

Since launching in 2017, Summit Ridge has formed two joint ventures totaling over $1 billion in permanent project capital and has grown its portfolio of solar projects in operation or under construction to more than 300 MW. By the end of 2023, Summit Ridge expects to have more than 500 MW of solar and 100 MWh of battery storage projects online providing energy savings to approximately 175,000 residential and commercial customers.

With the investment from the Apollo Funds, Summit Ridge will look to further expand its geographic footprint and continue to scale its platform.

On the investment, Wilson Handler, a partner at Apollo, said in a statement: “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. 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.”

As a result of the investment by the Apollo Funds, Apollo Partners Corinne Still and Wilson Handler will join the Summit Ridge Energy Board of Directors. Summit Ridge Energy CEO Steve Raeder, will continue to serve as the board’s chairman.

Vinson & Elkins served as legal counsel to Apollo while Citibank N.A. served as lead financial advisor to Summit Ridge with Saul Ewing serving as legal counsel.

As of March 31, 2022, Apollo had approximately $513 billion of assets under management.