Apollo Funds Commit up to $400 Million for New Commercial Solar Partnership with Summit Ridge Energy

Core Insights - Apollo and Summit Ridge Energy have formed a joint venture with a commitment of up to $400 million to own and operate commercial solar assets in Illinois [1][2] - Summit Ridge Energy is a leading commercial solar company in the U.S., managing over 2 GW of solar projects and providing energy savings to more than 40,000 homes and businesses [2][8] - Apollo has previously invested $175 million in Summit Ridge in 2022, indicating a strong ongoing partnership [2] Investment and Growth - The new partnership aims to enhance domestic power generation capacity to meet increasing electricity demands [3] - Over the past five years, Apollo-managed funds have committed approximately $58 billion to climate and energy transition-related investments [3] - Apollo has set targets to deploy $50 billion by 2027 and over $100 billion by 2030 under its Climate and Transition Investment Framework [5] Company Profiles - Apollo is a global alternative asset manager with approximately $751 billion in assets under management as of December 31, 2024 [6] - Summit Ridge Energy has raised over $5 billion in project capital since its launch in 2017, financing over 200 solar farms [8]