Global Infrastructure Partners (GIP), a part of BlackRock, has announced an agreement to acquire a majority and controlling interest in community solar development company Summit Ridge Energy.
Founded in 2017, Summit Ridge constructs, owns, and operates solar and energy storage systems across the Midwest, Mid-Atlantic, and New England markets.
With more than 275 facilities in its portfolio and over 3 gigawatts (GW) of solar and energy storage projects operating and in development nationwide, the company has delivered locally generated power to more than 60,000 businesses, homes, and municipalities since its inception.
“We’re incredibly proud to partner with GIP, one of the world’s premier infrastructure investors and a firm with an unparalleled track record of building industry-leading businesses,” said Steve Raeder, Founder and Chief Executive Officer at Summit Ridge Energy, in a statement.
GIP’s investment will enable Summit Ridge to advance its development pipeline, hold a larger share of projects directly on its balance sheet, and expand its project acquisition capabilities through new, larger funding vehicles.
The transaction is subject to customary closing conditions and regulatory approvals.
Mark Florian, Head of GIP Mid-Market Funds, added, “[Summit Ridge’s] market-leading platform and strong track record positions the company at the forefront of the industry amid a shifting energy landscape characterized by rising demand and a changing energy mix.”
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