BlackRock’s GIP Acquires Summit Ridge Energy, Backing 275 Solar and Storage Projects
Updated
Updated · ImpactAlpha · Jul 15
BlackRock’s GIP Acquires Summit Ridge Energy, Backing 275 Solar and Storage Projects
3 articles · Updated · ImpactAlpha · Jul 15
Summary
Summit Ridge Energy, a U.S. community solar provider with more than 275 commercial solar and storage facilities, was acquired by BlackRock’s Global Infrastructure Partners.
The deal gives Summit Ridge deeper capital to expand project acquisitions and development as community solar competition increasingly hinges on financing and a domestic supply chain.
Arlington, Virginia-based Summit Ridge says its portfolio has raised more than $7 billion and delivers power to over 60,000 homes and businesses across the United States.
GIP bought the controlling stake from Apollo Global Management, which had paid $175 million for a majority stake in 2022, while early investor Aligned Climate Capital is retaining its holding.
The acquisition adds to GIP’s broader energy-transition push, which also includes leading a consortium pursuing AES in a potential $10.7 billion cash deal.