Apollo Global Management, a private equity firm based in the US, has completed a $175 million strategic investment in Summit Ridge Energy, a company that operates solar power plants across the country. Summit Ridge Energy intends to use the funds to broaden its geographic reach and scale its platform. Summit Ridge Energy has formed two joint ventures worth more than $1 billion since its inception in 2017.
The company currently has a portfolio of solar projects with a total capacity of more than 300 MW in operation or under construction. Summit Ridge Energy intends to have over 500 MW of solar capacity and 100 MWh of battery storage capacity operational by the end of next year. Corinne Still and Wilson Handler, who are partners at Apollo Global Management, will join Summit Ridge Energy’s board of directors as part of the agreement. Over the previous five years, Apollo has invested more than $19 billion in energy transition and sustainability projects.