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Apollo funds make $175m strategic investment in Summit Ridge Energy

Funds managed by affiliates of Apollo (the Apollo Funds) have agreed to make a $175 million strategic investment in Summit Ridge, an owner-operator of community solar assets.

Funds managed by affiliates of Apollo (the Apollo Funds) have agreed to make a $175 million strategic investment in Summit Ridge, an owner-operator of community solar assets.

Since launching in 2017, Summit Ridge has formed two joint ventures totalling 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.

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 to traditional utilities. 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 skyrocketed, a trend that is expected to continue as consumers become more environmentally conscious, solar economics improve and commitments to the energy transition increase across the country.

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 the Apollo Funds in the transaction. Citibank NA served as lead financial advisor and Saul Ewing served as legal counsel to Summit Ridge.

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