Apollo invests $175m in Summit Ridge Energy Read

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.

Wilson Handler, Apollo Partner, said, “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. We look forward to working with Steve and the rest of the Summit Ridge team to execute on its current pipeline while exploring additional opportunities to create value.”

Summit Ridge Energy CEO Steve Raeder said, “Summit Ridge is on a strong trajectory and we are excited to welcome Apollo as a new partner. Apollo’s long track record of sustainable investing, coupled with its operational expertise and significant resources, are an excellent match for Summit Ridge’s fast paced growth and leading position in the clean energy economy.”

Corinne Still, Apollo Partner, said, “We are pleased to work with Summit Ridge to expand access for underserved communities to participate in the clean energy transition. Community solar offers compelling benefits for individuals, households and businesses alike. In supporting Summit Ridge’s continued growth, we expect to have a significant positive impact on communities by facilitating increased uptake of renewable energy sources, creating local jobs and developing sustainable infrastructure.”

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.

The transaction underscores Apollo’s commitment to driving a more sustainable future and long track record of investing in or lending to companies supporting the clean energy transition. Earlier this year, Apollo launched its Sustainable Investing Platform, which targets to deploy $50bn in clean energy and climate capital over the next five years and sees the opportunity to deploy more than $100bn by 2030. Over the last five years, Apollo deployed over $19bn into energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure, including offshore and onshore wind, solar, storage, renewable fuels, electric vehicles as well as a wide range of technologies to facilitate decarbonization.

Apollo is a high-growth, global alternative asset manager. They seek to provide excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid and opportunistic.

Source: Globe Newswire