This is Summit Ridge Energy and Apollo’s second collaboration

US commercial solar developer Summit Ridge Energy (SRE) and investor Apollo have invested US$400 million into a new joint venture to jointly own and operate a portfolio of commercial solar assets in the state of Illinois.

While details on the new initiative are sparse, the project will build on growing interest in the Illinois solar sector, which saw over 500MW of new capacity added in 2024. Around 200MW of this new capacity was in the commercial sector, more than was added in the utility-scale sector, reflecting growing interest in distributed solar in the state with the 11^th-most total operational capacity, as of the end of 2024.

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Excerpt: The announcement of the joint venture follows SRE making a number of deals in the distributed solar sector, including a module supply deal with Qcells and a loan to develop new community solar capacity. Figures from the Solar Energy Industries Association (SEIA) show that new community solar capacity additions saw a significant year-on-year increase to 905MW in 2024, a record figure.

Read more: PV Tech, by JP Casey.

Related links:

• Apollo Funds Commit up to $400 Million for New Commercial Solar Partnership with Summit Ridge Energy
• Apollo Funds Announce $175 Million Strategic Investment in Summit Ridge Energy, a Leading Owner-Operator of Community Solar