Global investment manager Apollo announced it committed up to $400 million to form a new joint venture with Summit Ridge Energy, a commercial solar owner-operator in the United States.
The two will use the funds to jointly own and operate a portfolio of commercial solar assets in Illinois. The funds build on a previous $175 million investment from Apollo in 2022.
Orrick, Herrington & Sutcliffe LLP served as legal counsel to the Apollo Funds.
Apollo Partner Corrine Still said the partnership, “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.”
Summit Ridge Energy is among the largest owner-operators of commercial solar in the United States, with over 2 GW of projects operating or in development in Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania and Maine. The company has provided energy savings to over 40,000 homes and businesses.
“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,” said Adam Kuehne, chief investment officer, Summit Ridge Energy.
Wood Mackenzie reported commercial solar installations grew 8% year-over-year, reaching 2.1 GW installed in 2024. The segment was led by strong deployments in California, Illinois, New York and Maine.
Across sectors, solar and energy storage represented 81% of grid capacity additions in 2024, with 52% represented by solar and 29% by battery energy storage. Total solar capacity across all sectors reached 91 GW of cumulative capacity by the end of 2023 and is forecast by the Energy Information Administration (EIA) to double to 182 GW by the end of 2026.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.