Apollo, Summit Ridge Launch $400M Solar Partnership
Apollo Global Management and Summit Ridge Energy have launched a new joint venture to co-own and operate commercial solar assets throughout Illinois. Apollo-managed funds are committing up to $400 million to fuel the initiative. This move builds on their earlier collaboration, which saw Apollo invest $175 million in Summit Ridge in 2022.
Summit Ridge Energy stands out as a top player in the U.S. commercial solar market. With over two gigawatts (GW) of solar projects either up and running or in development, the company powers more than 40,000 homes and businesses. Its operations span seven states: Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania, and Maine.
Over the last five years, Apollo-managed funds and affiliates have poured approximately $58 billion into investments focused on advancing climate goals and the shift to sustainable energy.
Since launching in 2017, Summit Ridge has raised over $5 billion in project capital to finance more than 200 solar farms.