Global alternative investment manager Apollo and community solar operator Summit Ridge Energy announced a new agreement, with Apollo-managed funds committing up to $400 million to form a new joint venture to jointly own and operate a portfolio of commercial solar assets across Illinois.

Community solar is a rapidly expanding segment of the renewables market that enables people, companies, and other organizations to access clean energy by subscribing to local solar farms at discounted rates to traditional utilities. Launched in 2017, Summit Ridge develops, acquires, and finances projects within the solar energy and battery storage sectors through dedicated funding platforms. The company is one of the largest owner-operators of commercial solar assets in the U.S., with over 2GW of solar projects operating and in development across Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania and Maine.

Adam Kuehne, Chief Investment Officer of Summit Ridge Energy, said:

“As we expand our footprint of solar assets, Summit Ridge Energy is advancing a more reliable and locally driven energy system—bolstering the U.S. electric grid while delivering savings to businesses and households and helping to create thousands of American jobs. We’re proud to partner with the Apollo team as we continue driving the nation toward greater energy independence.”

The formation of the new JV follows a $175 million investment by Apollo in Summit Ridge in 2022. Apollo managed funds and affiliates have committed, deployed or arranged approximately $58 billion of climate and energy transition-related investments over the past five years. Apollo launched a sustainable investing platform in 2023, focused on financing and investing in the energy transition and decarbonization of industry, with the firm setting a goal to deploy $50 billion in clean energy and climate capital over five years, and seeing the opportunity to deploy over $100 billion by 2030.

Apollo Partner Corinne Still said:

“We are pleased to expand our relationship with Summit Ridge Energy and enter this new partnership, which we believe represents a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands for households and businesses alike. Apollo is committed to serving as a leading capital provider enabling the new industrial renaissance and is excited to continue our support of Summit Ridge’s mission to deliver a more secure, self-reliant energy future for communities across the country.”