Global Infrastructure Partners (GIP), a BlackRock subsidiary, intends to acquire a majority stake in community and commercial solar company Summit Ridge Energy.
Credit: Summit Ridge Energy
“We are thrilled to acquire Summit Ridge Energy, a national leader in the solar energy space,” said Mark Florian, head of GIP mid-market funds. “Its 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. We look forward to working with Steve Raeder and Summit Ridge’s management team to enhance the business and position it for long-term future growth.”
Summit Ridge has primarily built solar projects in the Midwest and Northeast since its founding in 2017. GIP invests in energy and other infrastructural markets.
“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 CEO at 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 extend the competitive advantages that have made Summit Ridge the leader in our space.”
This transaction is awaiting regulatory approvals before concluding. GIP is in the process of acquiring AES, an energy utility with large renewable energy footprint, for $10.7 billion.
