Private equity giant Apollo Global teamed up with Bullrock Energy Ventures, a Vermont-based renewable energy developer and financier, to develop community solar across New England.
An initial $100 million will support 500 megawatts of solar projects in Bullrock’s pipeline. The investment came from Apollo funds tied to its Sustainability & Infrastructure Group, which aims to facilitate $100 billion in clean energy and transition-related projects by 2030.
“Community solar represents an innovative solution to expanding local access to clean, efficient power across the energy grid, benefiting individuals, households and businesses alike,” said Apollo’s Corinne Still, who led the transaction. The partnership, she said, “underscores Apollo’s commitment to serving as a leading capital provider supporting the energy transition, investing in companies and projects that serve the growing demand for diverse sources of power.”
Partnering up
The joint venture follows a $400 million partnership forged by Apollo earlier this month with Summit Ridge Energy to own and operate solar across a half-dozen states, mostly in the eastern US. Apollo in 2022 invested $175 million in Arlington, Va.-based Summit Ridge, one of the largest owner-operators of commercial solar assets in the US.
