Private equity firm Apollo Global Management Inc said on Wednesday it has agreed to invest $175 million in Summit Ridge Energy, in a deal that will give the U.S. solar farm operator more resources to expand its geographic footprint.
The deal comes as Apollo seeks more opportunities in sustainable investing. The firm launched a dedicated sustainable investing platform earlier this year, targeting the deployment f $50 billion in decarbonization and energy transition opportunities over the next five years.
Summit Ridge owns and operates community-based solar assets. Members of such communities have access to power from local solar farms at discounted rates to traditional utilities. This enables customers who are unable to install solar panels themselves to use renewable energy.
“We see tremendous opportunity to access a high-growth segment of the renewables market while also producing positive environmental and social outcomes for local stakeholders,” Apollo partner Wilson Handler said in a statement.
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Since its launch in 2017, Summit Ridge has formed two joint ventures totaling more than $1 billion in project capital. Summit Ridge expects to provide energy savings to approximately 175,000 residential and commercial customers by the end of 2023, the companies said.
Apollo said it has deployed more than $19 billion in energy transition and sustainability-related investments in the last five years.
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