US-based private equity firm Apollo Global Management has finalised a $175m strategic investment in Summit Ridge Energy, a company that operates solar power plants across the US.
Summit Ridge Energy intends to use the investment to expand its geographic footprint and scale its platform.
Since its launch in 2017, Summit Ridge Energy has created two joint ventures, which are worth more than $1bn in total.
The company currently has a portfolio of solar projects in operation or under construction, with more than 300MW of combined capacity.
Summit Ridge Energy aims to have more than 500MW of solar capacity and 100MWh of battery storage capacity operational by the end of next year.
Under the deal, Apollo partners Corinne Still and Wilson Handler will join Summit Ridge Energy’s board of directors.
Summit Ridge Energy CEO Steve Raeder will continue to serve as the board’s chairman.
Handler said: “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.”
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, is an excellent match for Summit Ridge’s fast-paced growth and leading position in the clean energy economy.”
Still said: “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.”
Apollo has invested more than $19bn in energy transition and sustainability-related projects over the last five years.