Home > Press Releases > Saul Ewing Arnstein & Lehr Represents Summit Ridge Energy, LLC in $175 Million Deal with Apollo

Saul Ewing Arnstein & Lehr Represents Summit Ridge Energy, LLC in $175 Million Deal with Apollo

Published: 07/18/2022
Services: Corporate

Saul Ewing Arnstein & Lehr served as legal counsel to Summit Ridge Energy, LLC in a deal with Apollo affiliates in which Apollo agreed to make a $175 million strategic investment in Summit Ridge, a leading owner-operator of community solar assets. The agreement was announced on July 15, 2022.

Since launching in 2017, Summit Ridge has formed two joint ventures totaling over $1 billion in permanent project capital and has grown its portfolio of solar projects in operation or under construction to more than 300 MW. By the end of 2023, Summit Ridge expects to have more than 500 MW of solar and 100 MWh of battery storage projects online providing energy savings to approximately 175,000 residential and commercial customers. With the investment from the Apollo Funds, Summit Ridge will look to further expand its geographic footprint and continue to scale its platform.

Community solar is a rapidly growing segment of the renewables market that allows individuals, businesses, nonprofits and other groups to participate in the clean energy economy by subscribing to local solar farms at discounted rates to traditional utilities. Community solar projects have increased access to clean energy savings in urban and low-to-moderate income markets. Since 2018, the installed capacity of community solar has skyrocketed, a trend that is expected to continue as consumers become more environmentally conscious, solar economics improve and commitments to the energy transition increase across the country.

Saul Ewing Arnstein & Lehr’s Summit Ridge team was led by Mark Gruhin, with assistance from a large group of attorneys including Dennis Brennan and Stanley Kull. Vinson & Elkins served as legal counsel to the Apollo Funds in the transaction. Citibank N.A. served as lead financial advisor.