Summit Ridge Energy Teams Up with Apollo for $400 Million Solar Expansion
Deal News | Apr 11, 2025 | Apollo
Apollo, a prominent global alternative asset manager, has announced a major partnership with Summit Ridge Energy, a leading commercial solar company, committing up to $400 million for a joint venture aimed at expanding commercial solar assets across Illinois. This partnership represents Apollo's strategic move to enhance domestic power generation capacity and meet growing electricity demands, aligning with the company's focus on sustainable economic activities under its Climate and Transition Investment Framework. Summit Ridge, known for its extensive solar projects across several U.S. states, aims to increase energy independence and grid reliability. This investment is part of a broader trend in Apollo's climate and energy transition-related investments, which have amounted to approximately $58 billion over the past five years. Legal counsel for the deal was provided by Orrick, Herrington & Sutcliffe LLP.
Sectors
- Renewable Energy
- Asset Management
Geography
- United States – The article focuses on solar energy projects in several U.S. states including Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania, and Maine.
Industry
- Renewable Energy – This industry classification is relevant as the article discusses the expansion of solar energy projects, which are a part of renewable energy efforts.
- Asset Management – Apollo's role as an asset manager committing significant funds to a solar partnership highlights its involvement in the asset management industry.
Financials
- $400 million – The committed amount by Apollo-managed funds for the new joint venture with Summit Ridge Energy.
- Approximately $58 billion – Total amount committed, deployed, or arranged by Apollo funds in climate and energy transitions over the past five years.
- $751 billion – Total assets under management by Apollo as of December 31, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Apollo | Private Equity Company | Company | A global alternative asset manager managing the funds committed to the solar partnership. |
| Summit Ridge Energy | Target Company | Company | A leading commercial solar company partnering with Apollo for the solar asset expansion. |
| Orrick, Herrington & Sutcliffe LLP | Legal Advisor | Company | Provided legal counsel to Apollo for the partnership with Summit Ridge Energy. |
| Corinne Still | Partner | Person | Apollo Partner commenting on the partnership expansion with Summit Ridge Energy. |
| Adam Kuehne | Chief Investment Officer | Person | CIO of Summit Ridge Energy, noted the benefits and objectives of the partnership with Apollo. |