Apollo Funds Commit $400 Million to Solar Partnership with Summit Ridge Energy
Deal News | May 13, 2025 | Orrick
Apollo Funds, under the management of Apollo, have committed up to $400 million to establish a joint venture with Summit Ridge Energy. This partnership aims to expand the operation and ownership of a portfolio of commercial solar assets across Illinois. Orrick, a law firm, acted as a legal advisor to Apollo Funds with Jeff Quinn-Cane leading the advisory team. This strategic alliance demonstrates Apollo's dedication to sustainable energy investments, aligning with goals to enhance domestic electricity generation capabilities, thereby addressing increasing energy demands.
Sectors
- Renewable Energy
- Private Equity
- Legal Services
Geography
- United States – The article discusses a venture involving commercial solar assets in Illinois, a state in the United States, and Apollo, which operates globally but is based in the U.S.
- Illinois – The joint venture will focus on the development and operation of solar assets specifically within Illinois, making it a relevant geographical point.
Industry
- Renewable Energy – This article revolves around the expansion of solar energy projects, involving commercial solar assets, making it primarily about the renewable energy sector.
- Private Equity – Apollo, a private equity firm, is committing a significant investment to a joint venture, highlighting the involvement of the private equity industry.
- Legal Services – Orrick provided legal advisory services for the partnership, indicating the involvement of the legal services industry.
Financials
- $400 million – The financial commitment made by Apollo Funds to the joint venture partnership with Summit Ridge Energy.
- $785 billion – The total assets under management by Apollo.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Apollo | Bidding Company | Company | A global alternative asset manager with approximately $785 billion in assets under management, focusing on investments ranging from credit to private equity. |
| Summit Ridge Energy | Target Company | Company | The company partnering with Apollo on a joint venture to develop and operate a portfolio of commercial solar assets. |
| Orrick | Legal Advisor | Company | A legal advisory firm that represented Apollo Funds in the joint venture deal. |
| Corinne Still | Apollo Partner | Person | An Apollo Partner who commented on the significance of the joint venture. |
| Jeff Quinn-Cane | Advisor | Person | Led the Orrick team that provided legal advice to Apollo Funds. |
| Henry McKenzie | Advisor | Person | Part of the Orrick team that advised Apollo Funds on the joint venture. |