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.
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.
Read more: Private Equity Wire
