Apollo Funds Commit up to $400 Million for New Commercial Solar Partnership with Summit Ridge Energy
Apollo (NYSE: APO) and Summit Ridge Energy have announced a new joint venture partnership where Apollo-managed funds will commit up to $400 million to jointly own and operate commercial solar assets across Illinois. This builds upon Apollo's previous $175 million strategic investment in Summit Ridge made in 2022.
Summit Ridge Energy is a major owner-operator of commercial solar assets in the United States, with over 2GW of solar projects operating and in development across seven states, serving more than 40,000 homes and businesses. The company operates in Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania, and Maine.
This partnership aligns with Apollo's broader climate and energy transition investments, with Apollo-managed funds and affiliates having committed, deployed, or arranged approximately $58 billion in climate and energy transition-related investments over the past five years.
Apollo (NYSE: APO) e Summit Ridge Energy hanno annunciato una nuova partnership di joint venture in cui i fondi gestiti da Apollo si impegneranno fino a 400 milioni di dollari per possedere e gestire congiuntamente attivi solari commerciali in Illinois. Questo si basa sul precedente investimento strategico di Apollo di 175 milioni di dollari in Summit Ridge effettuato nel 2022.
Summit Ridge Energy è un importante proprietario e operatore di attivi solari commerciali negli Stati Uniti, con oltre 2GW di progetti solari in funzione e in fase di sviluppo in sette stati, servendo più di 40.000 case e aziende. L'azienda opera in Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania e Maine.
Questa partnership si allinea con gli investimenti più ampi di Apollo nel clima e nella transizione energetica, con i fondi e le affiliate gestiti da Apollo che hanno impegnato, distribuito o organizzato circa 58 miliardi di dollari in investimenti legati al clima e alla transizione energetica negli ultimi cinque anni.
Apollo (NYSE: APO) y Summit Ridge Energy han anunciado una nueva asociación de joint venture en la que los fondos gestionados por Apollo se comprometerán hasta 400 millones de dólares para poseer y operar conjuntamente activos solares comerciales en Illinois. Esto se basa en la inversión estratégica previa de Apollo de 175 millones de dólares en Summit Ridge realizada en 2022.
Summit Ridge Energy es un importante propietario y operador de activos solares comerciales en los Estados Unidos, con más de 2GW de proyectos solares en operación y en desarrollo en siete estados, sirviendo a más de 40,000 hogares y negocios. La empresa opera en Illinois, Maryland, Virginia, Nueva York, Delaware, Pennsylvania y Maine.
Esta asociación se alinea con las inversiones más amplias de Apollo en clima y transición energética, con los fondos y afiliados gestionados por Apollo que han comprometido, desplegado u organizado aproximadamente 58 mil millones de dólares en inversiones relacionadas con el clima y la transición energética en los últimos cinco años.
아폴로 (NYSE: APO)와 서밋 리지 에너지는 아폴로에서 관리하는 펀드가 일리노이주 전역의 상업용 태양광 자산을 공동 소유하고 운영하기 위해 최대 4억 달러를 투자하는 새로운 합작 투자 파트너십을 발표했습니다. 이는 아폴로가 2022년에 서밋 리지에 투자한 1억 7500만 달러의 전략적 투자에 기반합니다.
서밋 리지 에너지는 미국에서 상업용 태양광 자산의 주요 소유자이자 운영자로, 7개 주에서 운영 중이거나 개발 중인 2GW 이상의 태양광 프로젝트를 보유하고 있으며, 40,000개 이상의 가정과 기업에 서비스를 제공합니다. 이 회사는 일리노이, 메릴랜드, 버지니아, 뉴욕, 델라웨어, 펜실베이니아, 메인을 포함한 지역에서 운영됩니다.
이번 파트너십은 아폴로의 더 넓은 기후 및 에너지 전환 투자와 일치하며, 아폴로에서 관리하는 펀드와 계열사는 지난 5년 동안 기후 및 에너지 전환 관련 투자에 약 580억 달러를 약속, 배치 또는 조정했습니다.
Apollo (NYSE: APO) et Summit Ridge Energy ont annoncé un nouveau partenariat de coentreprise dans lequel les fonds gérés par Apollo s'engageront jusqu'à 400 millions de dollars pour posséder et exploiter conjointement des actifs solaires commerciaux dans l'Illinois. Cela s'inscrit dans le cadre de l'investissement stratégique précédent d'Apollo de 175 millions de dollars dans Summit Ridge effectué en 2022.
Summit Ridge Energy est un important propriétaire et opérateur d'actifs solaires commerciaux aux États-Unis, avec plus de 2GW de projets solaires en fonctionnement et en développement dans sept États, servant plus de 40 000 foyers et entreprises. L'entreprise opère dans l'Illinois, le Maryland, la Virginie, New York, le Delaware, la Pennsylvanie et le Maine.
Ce partenariat s'aligne avec les investissements plus larges d'Apollo dans le climat et la transition énergétique, les fonds et les affiliés gérés par Apollo ayant engagé, déployé ou organisé environ 58 milliards de dollars dans des investissements liés au climat et à la transition énergétique au cours des cinq dernières années.
Apollo (NYSE: APO) und Summit Ridge Energy haben eine neue Partnerschaft im Rahmen eines Joint Ventures angekündigt, bei der von Apollo verwaltete Fonds bis zu 400 Millionen Dollar investieren werden, um gemeinsam kommerzielle Solarvermögen in Illinois zu besitzen und zu betreiben. Dies baut auf der vorherigen strategischen Investition von Apollo in Summit Ridge in Höhe von 175 Millionen Dollar im Jahr 2022 auf.
Summit Ridge Energy ist ein bedeutender Eigentümer und Betreiber von kommerziellen Solarvermögen in den Vereinigten Staaten, mit über 2GW an Solarprojekten, die in sieben Bundesstaaten betrieben und entwickelt werden und mehr als 40.000 Haushalte und Unternehmen bedienen. Das Unternehmen ist in Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania und Maine tätig.
Diese Partnerschaft steht im Einklang mit Apollos umfassenderen Investitionen in Klima und Energiewende, wobei von Apollo verwaltete Fonds und Tochtergesellschaften in den letzten fünf Jahren etwa 58 Milliarden Dollar in klima- und energiewenderelatierte Investitionen verpflichtet, bereitgestellt oder organisiert haben.
- New $400 million commitment expands Apollo's renewable energy portfolio
- Builds upon successful previous $175 million investment from 2022
- Partnership with established player operating 2GW of solar projects
- Diversified presence across seven states serving 40,000+ customers
- Significant capital commitment concentrated in single state (Illinois)
- Large investment dependent on solar market conditions and regulatory environment
Insights
Apollo's $400 million commitment to this new solar joint venture represents a strategic expansion of their alternative energy portfolio, building on their $175 million investment in Summit Ridge from 2022. This continued relationship demonstrates Apollo's confidence in both the partner and the commercial solar sector.
The investment aligns perfectly with Apollo's broader climate transition strategy, where they've already deployed or arranged $58 billion over five years. For context, this represents a significant allocation toward meeting their proprietary Climate and Transition Investment Framework targets of $50 billion by 2027 and $100+ billion by 2030.
This partnership structure provides Apollo with direct ownership in solar assets rather than just financing them, potentially offering more favorable economics through the asset lifecycle. By focusing specifically on Illinois, Apollo gains concentrated market exposure in a state with supportive renewable policies.
The investment creates multiple value streams: stable long-term returns from operational solar assets, portfolio diversification benefits, and strengthened ESG credentials that increasingly matter to Apollo's institutional investors. Summit Ridge's established position as a leading commercial solar developer (2GW portfolio across seven states) reduces execution risk compared to backing earlier-stage developers.
This expanded partnership between Apollo and Summit Ridge comes at a pivotal moment in the commercial solar sector. By targeting Illinois specifically, the joint venture capitalizes on one of the faster-growing solar markets in the Midwest, driven by favorable state-level incentives and increasing corporate demand for renewable energy.
Summit Ridge's business model of developing commercial-scale solar that benefits both businesses and households (serving 40,000+ customers) positions them well in the distributed generation segment, which typically offers higher margins than utility-scale solar while avoiding some of the transmission bottlenecks plaguing larger projects.
The $400 million commitment demonstrates confidence in Summit Ridge's ability to execute in an increasingly competitive landscape. Their established 2GW development pipeline across seven states indicates substantial growth potential beyond this initial Illinois-focused partnership.
The joint venture structure allows Apollo to participate directly in asset ownership while leveraging Summit Ridge's development expertise. This vertical integration approach could provide advantages as the sector matures, particularly as solar assets demonstrate reliable long-term performance and potentially become attractive securitization candidates.
This deal reflects the broader trend of institutional capital flowing into commercial solar, which offers an attractive combination of contracted cash flows, tax benefits, and ESG alignment.
NEW YORK and ARLINGTON, Va., April 11, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) and Summit Ridge Energy, LLC (“Summit Ridge Energy” or “Summit Ridge”), one of the nation’s leading commercial solar companies, today announced that Apollo-managed funds (the “Apollo Funds”) have committed up to
Summit Ridge Energy is one of the largest owner-operators of commercial solar assets in the United States, with over 2GW of solar projects operating and in development across Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania and Maine, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. In 2022, Apollo Funds previously made a
Apollo Partner Corinne Still said, “We are pleased to expand our relationship with Summit Ridge Energy and enter this new partnership, which we believe represents a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands for households and businesses alike. Apollo is committed to serving as a leading capital provider enabling the new industrial renaissance and is excited to continue our support of Summit Ridge’s mission to deliver a more secure, self-reliant energy future for communities across the country.”
“As we expand our footprint of solar assets, Summit Ridge Energy is advancing a more reliable and locally driven energy system—bolstering the U.S. electric grid while delivering savings to businesses and households and helping to create thousands of American jobs,” said Adam Kuehne, Chief Investment Officer of Summit Ridge Energy. “We’re proud to partner with the Apollo team as we continue driving the nation toward greater energy independence.”
Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately
Orrick, Herrington & Sutcliffe LLP served as legal counsel to the Apollo Funds.
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i As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the "CTIF"), are (1)
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately
About Summit Ridge Energy
As the nation’s leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development.
Since launching in 2017, Summit Ridge has raised over
Contacts
For Apollo:
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
ir@apollo.com
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
communications@apollo.com
For Summit Ridge Energy:
Media
347-723-7231
Business Development
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