Global infrastructure partners (GIP), a subsidiary of BlackRock, plans to acquire a majority stake in the community and commercial solar company Summit Ridge Energy.
Credit: Summit Ridge Energy
“We are very pleased to acquire Summit Ridge Energy, a national leader in solar energy,” said Mark Florian, head of GIP mid-market funds. “The company’s market-leading platform and strong track record position it at the forefront of the industry amid a changing energy landscape characterized by rising demand and an evolving energy mix. We look forward to working with Steve Raeder and the Summit Ridge management team to strengthen and position the company for future long-term growth.”
Summit Ridge has built solar projects primarily in the Midwest and Northeast since its founding in 2017. GIP invests in energy and other infrastructure markets.
“We are incredibly proud to partner with GIP, one of the world’s largest infrastructure investors and a company with an unparalleled track record of building leading companies,” said Steve Raeder, founder and CEO of Summit Ridge Energy. “As the market evolves, success increasingly depends on access to capital and a fully domestic supply chain. Our partnership with GIP strengthens these aspects of our business, as well as our ability to lead industry consolidation in what has become a fragmented market to further expand the competitive advantages that have made Summit Ridge a leader in our industry.”
This transaction is awaiting regulatory approval before closing. GIP is in the process for acquiring AESan energy company with a large renewable energy footprint, for $10.7 billion.
