US community solar owner-operator Summit Ridge Energy has secured a US$175 million investment from private equity firm Apollo Global Management.
With a portfolio of PV plants in operation or under construction of more than 300MW, Virginia-headquartered Summit Ridge plans to use the investment to expand its geographic footprint and scale its platform.
The company expects to have more than 500MW of solar and 100MWh of battery storage projects online by the end of 2023.
“Summit Ridge is an ideal partner for Apollo in the community solar segment as a first mover with a flexible, fully-integrated business model and a proven management team,” said Wilson Handler, a partner at Apollo, who will join Summit Ridge’s board of directors.
Summit Ridge’s CEO, Steve Raeder, will continue to serve as the board’s chairman.
US community solar deployment increased 7% last year to 957MW and additions are set to be boosted by support programmes and clean energy commitments from state governments, according to research firm Wood Mackenzie.
The country’s Department of Energy set a target last year of reaching 26GW of installed community solar by 2025.
Apollo earlier this year launched its sustainable investing platform, which aims to deploy US$50 billion in clean energy and climate capital over the next five years.