Apollo Funds announced on July 13 a $175 million strategic investment in Summit Ridge Energy. This investment is the result of Apollo and Summit Ridge’s shared commitment to supporting the transition to clean energy.
Expansion for Apollo Funds projects
With the investment from Apollo Funds, Summit Ridge will be able to expand its geographic footprint and further develop its platform. Community solar power is a rapidly growing area in the renewable energy market. It allows individuals, businesses, organizations and other groups to participate in the clean energy economy.
The company has grown its portfolio of solar projects in operation or under construction to over 300 MW. By the end of 2023, Summit Ridge plans to increase its capacity to 500 MW for solar projects.
Community solar projects have increased access to clean energy savings in urban and low- and moderate-income markets. Since 2018, these projects have skyrocketed, and the trend appears to be continuing.
However, this phenomenon is only expected to continue if consumers become environmentally aware. Also, the economics of solar need to improve and the commitment to the energy transition needs to increase.
Summit Ridge and Apollo Partnership
Wilson Handler, a partner in the Apollo Funds, strongly supports the partnership with Summit Ridge. Thus, he sees the opportunity to enter a high growth area in the renewable energy market. In addition, Handler points out the positive environmental and social effects that this partnership can generate.
This transaction underscores Apollo’s commitment to promoting a more sustainable future. Earlier this year, the Apollo Funds launched their own sustainable investment platform. After that, they want to deploy $50 billion in clean energy and climate.
