Global alternative investment manager Apollo announced a commitment to provide up to $220 million to form a new joint venture partnership with renewable energy company Bullrock Energy Ventures focused on community solar projects in New York and New England.

This announcement marks the second large-scale deal by Apollo for investment in U.S.-based community solar projects in recent weeks. Earlier in April, the firm committed up to $400 million to form a new joint venture with community solar operator Summit Ridge Energy to jointly own and operate a portfolio of commercial solar assets across Illinois.

Apollo Partner Corinne Still said:

“Community solar represents an innovative solution to expanding local access to clean, efficient power across the energy grid, benefiting individuals, households and businesses alike. This partnership underscores Apollo’s commitment to serving as a leading capital provider supporting the energy transition, investing in companies and projects that serve the growing demand for diverse sources of power.”

Based in Vermont, Bullrock Energy Ventures invests in community solar projects throughout the Northeast, with activities including deal sourcing, underwriting, development, construction, financing and asset management. Bullrock launched its first fund to scale its portfolio of community solar assets in 2024

Bullrock was originally founded in 1983 as a New York-area real estate management and construction company. In 2024, Bullrock Energy Ventures launched its first fund to scale its portfolio of community solar assets.

According to Apollo, $100 million of the new equity commitment will fund the development of Bullrock’s nearly 500 MW pipeline of renewable energy assets.

Bullrock Chairman and Founder Gregg Beldock and Managing Partner Amory Beldock said:

“Our partnership with Apollo enhances a leading vertically integrated renewables platform working to meet the growing demand for power while reinforcing American energy security. Our long history in construction and development paired with Apollo’s integrated platform positions us to efficiently scale our portfolio. Community solar lowers energy costs, improves grid resiliency and boosts local economies. Apollo shares our commitment to driving the industry forward and we’re proud to work with them.”

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.