Arlington, Va.-based Summit Ridge Energy has raised over $7 billion in to finance the development and acquisition of more than 275 commercial solar and energy storage facilities to deliver power to more than 60,000 homes and businesses in the US Midwest, Mid-Atlantic and New England regions.
“Summit Ridge has established itself as one of the top commercial solar platforms in the United States and the industry’s leading project acquisition machine,” said Summit Ridge Energy’s Steve Raeder. Summit Ridge plans to expand project acquisitions and developments, a large share of which will be held directly on GIP’s balance sheet.
“As the market evolves, success increasingly depends on access to capital and a fully domestic supply chain,” said Raeder. “Our partnership with GIP strengthens these aspects of our business.”
Energy transition
Global Infrastructure Partners, a green infrastructure investing unit of BlackRock, purchased the controlling stake in Summit Ridge from Apollo Global Management, which paid $175 million to acquire a majority stake in the commercial solar company in 2022. Early investor Summit Ridge investor Aligned Climate Capital will retain its stake.
“The company [is] at the forefront of the industry amid a shifting energy landscape characterized by rising demand and a changing energy mix,” said GIP’s Mark Florian.
Also in Virginia, Global Infrastructure Partners leads a consortium that includes EQT and CalPERS that is acquiring AES Corporation, a utility-scale renewable energy and battery storage developer, owner and operator, in a potential $10.7 billion cash deal.
