Bullrock: Community Solar Joint Venture with Apollo Funds Announced
Deal News | Apr 23, 2025 | Apollo
In a significant partnership, Apollo-managed funds have pledged up to $220 million to form a joint venture with Bullrock Energy Ventures, aimed at developing a portfolio of community solar assets in New York and New England. Bullrock, a Vermont-based firm, is renowned for its integrated approach to renewable energy development, spanning construction, underwriting, financing, and asset management. The venture will leverage Bullrock's pipeline of nearly 500 MW in renewable energy assets to support local communities in accessing affordable clean energy. Apollo has a strong track record in climate-related investments, with $58 billion dedicated over the past five years. Legal counsel for the transaction was provided by Orrick, Herrington & Sutcliffe LLP for Apollo and Brown Rudnick LLP for Bullrock. The joint venture emphasizes the importance of diversified energy sources and the long-term sustainability aims of both companies, reflecting broader trends in the transition to renewable energy.
Sectors
- Renewable Energy
- Private Equity
Geography
- United States – The joint venture activities and the companies involved are located in the United States, specifically focusing on New York and New England regions.
Industry
- Renewable Energy – The focus of the article is on a joint venture revolving around renewable energy projects, specifically community solar assets.
- Private Equity – Apollo, a major player in alternative asset management, is involved, demonstrating its investment strategies within the energy sector.
Financials
- $220 million – Total amount committed by Apollo-managed funds for the joint venture with Bullrock.
- $100 million – Part of Apollo's equity commitment to fund Bullrock's 500 MW renewable energy pipeline.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Apollo Global Management, Inc. | Investor | Company | A global alternative asset manager and the lead investor in the joint venture. |
| Bullrock Energy Ventures | Joint Venture Partner | Company | A Vermont-based renewable energy company, specializing in solar projects. |
| Orrick, Herrington & Sutcliffe LLP | Legal Advisor to Apollo | Company | Provided legal services to Apollo for this transaction. |
| Brown Rudnick LLP | Legal Advisor to Bullrock | Company | Provided legal services to Bullrock for this transaction. |
| Gregg Beldock | Chairman and Founder of Bullrock | Person | Leader of Bullrock Energy Ventures with extensive experience in solar project development. |
| Corinne Still | Partner at Apollo | Person | Provided statement on the strategic partnership's significance. |
| Mike Mills | Head of NxtGenREA | Person | Responsible for tax equity arrangements for Bullrock's portfolio. |