Latest news with #SummitRidge
Yahoo
22-05-2025
- Business
- Yahoo
Summit Ridge Energy Announces Solar Energy Agreement with Digital Realty to Power Data Centers in Illinois
Agreement delivers 5.1 MW of solar energy annually to Digital Realty, supporting their carbon offset goals Calvert – Speedway Solar Facility ARLINGTON, VA, May 22, 2025 (GLOBE NEWSWIRE) -- Today, Summit Ridge Energy, the nation's leading commercial solar company, announced a partnership with Digital Realty (NYSE: DLR) to purchase 5.1 megawatts (MW) of solar energy. With this purchase, Digital Realty – the largest global provider of cloud- and carrier-neutral data center solutions – will advance its sustainability objectives while delivering energy cost savings. This agreement includes both savings on energy costs and the purchase of renewable energy credits produced by three Summit Ridge-owned and operated commercial solar projects in Illinois. These projects are expected to be energized and interconnected with Commonwealth Edison by late 2025 to early 2026. This partnership enables Digital Realty's Northern Illinois-based data centers to offset a portion of their energy consumption. Additionally, the newly constructed solar projects will help enhance grid resilience across Illinois while supporting economic development through the creation of hundreds of construction and manufacturing jobs. CBRE is Digital Realty's community solar advisor and assisted in the selection of Summit Ridge based on its community solar expertise and advanced project development status. 'At Digital Realty, we are committed to advancing sustainable energy solutions that align with our global carbon reduction goals,' said Aaron Binkley, Vice President of Sustainability at Digital Realty. 'Collaborating with Summit Ridge Energy supports our efforts to integrate more renewable energy into our operations while also contributing to a more resilient power grid in Illinois.' 'Digital Realty's commitment to purchasing solar energy highlights the growing importance of leveraging alternative energy solutions in industries that depend on reliable power. With this agreement, we're building a diversified, stronger grid while delivering tangible benefits to businesses,' said Marc Fioravanti, Senior Vice President of Business Development at Summit Ridge Energy. 'This partnership illustrates that solar is playing an important role in the dramatic growth of the energy needs of technology companies, including those driven by AI and increased data processing.' These projects are part of a larger initiative by Summit Ridge to support enhanced grid stability through benefits like voltage support and frequency regulation, further strengthening the local electric system. The three distributed solar farms powering Digital Realty are part of Summit Ridge's 439 MW Illinois fleet of solar assets, the largest in the state where the company has established itself as the market leader with over $3.1 billion in commercial investments made to date. About Summit Ridge Energy As the nation's leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development. Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar farms, providing energy savings to more than 42,000 homes and businesses while contributing to American energy independence. Learn more at and connect with us on LinkedIn. About Digital Realty Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company's global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit or follow us on LinkedIn and X. Attachment Calvert – Speedway Solar Facility CONTACT: Antonya Asante Summit Ridge Energy 347-723-7231 press@ Business Development business@
Business Upturn
15-05-2025
- Business
- Business Upturn
Summit Ridge Energy to Deliver Energy Savings to Virginians with New 4.1MW Solar Installation
Elkton, VA, May 15, 2025 (GLOBE NEWSWIRE) — Summit Ridge Energy (SRE), Virginia's leading solar developer, announced the energization of its Scenic Farms Shared Solar Project, a 4.1-megawatt solar installation located in Rockingham County, VA. The project is part of the Commonwealth's expanded Shared Solar program, which provides Dominion Energy Virginia customers with broader access to solar energy bill credits—without requiring them to install panels on their own homes. State officials, including Deputy Secretary of Commerce & Trade Maggie Beal and House of Delegates Majority Leader Charniele Herring, joined Summit Ridge leadership, key investors, and community partners to mark the official opening of the site. The Scenic Farms Solar Facility is part of a portfolio of 25 projects that make up Summit Ridge's 100 MW footprint in Virginia—positioning the company as the largest developer in Virginia and expanding access to locally generated energy. The Arlington-based company is now the owner and operator of nearly half of all capacity in the Virginia Shared Solar Program. 'The Summit Ridge team is proud to call Virginia home, and even prouder to play a role in meeting the Commonwealth's growing energy needs. As Virginia has expanded its Shared Solar policy, we've had the opportunity to scale our efforts in tandem—now owning and operating 100 MW of projects across the state,' said Steve Raeder, Chief Executive Officer at Summit Ridge. 'We're committed to supplying locally generated power to Virginians while continuing our investment in the state.' The construction and operation of this project and others in development represent Summit Ridge's $250 million investment in Virginia—providing more than 1,000 jobs for construction workers, vendors, and local businesses. That investment is supported by Summit Ridge's joint venture with Osaka Gas USA Corporation, with construction financing led by MUFG, a leading global financial group. 'It means a lot to know that this land is continuing to support our community—not only by producing food, but also by generating local energy,' said Leroy Heatwole of Scenic L Farms, the landowner where the solar facility is located. 'We're proud to still be raising poultry and growing wheat here, while also supporting the local education system and contributing to energy savings and economic growth. It's an honor to be part of something that gives back and builds a legacy for my children and grandchildren.' Once operational, the Scenic Farms site alone is expected to generate over 6.5 million kWh annually, delivering meaningful energy savings to over 600 local subscribers. Summit Ridge's fleet of assets will reduce energy costs for nearly 16,000 Virginia households once energized. This significant development underscores Summit Ridge's commitment to improving grid stability, boosting local economies, and providing tax benefits to the community. The Scenic Farms development reflects a growing interest in shared solar across the region, as consumers, policymakers, and businesses seek locally generated energy that expands America's Energy Independence and long-term grid resilience. Residential customers located within Dominion Energy service territory will be able to subscribe and benefit from this project with bill credits beginning in the summer of 2025. Virginia residents interested in enrolling in the state's Shared Solar Program can get more information about subscribing by reaching out to Summit Ridge's partner, Perch Energy, which recently merged with Arcadia's community solar business. About Summit Ridge Energy As the nation's leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development. Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar farms, providing energy savings to more than 42,000 homes and businesses while contributing to American energy independence. Learn more at and connect with us on LinkedIn. Attachments Scenic Farms Solar Facility Ribbon Cutting Ceremony at Scenic Farms Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Associated Press
11-04-2025
- Business
- Associated Press
Apollo Funds Commit up to $400 Million for New Commercial Solar Partnership with Summit Ridge Energy
NEW YORK and ARLINGTON, Va., April 11, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) and Summit Ridge Energy, LLC ('Summit Ridge Energy' or 'Summit Ridge'), one of the nation's leading commercial solar companies, today announced that Apollo-managed funds (the 'Apollo Funds') have committed up to $400 million for a new joint venture partnership with Summit Ridge to jointly own and operate a portfolio of commercial solar assets across Illinois. Summit Ridge Energy is one of the largest owner-operators of commercial solar assets in the United States, with over 2GW of solar projects operating and in development across Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania and Maine, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. In 2022, Apollo Funds previously made a $175 million strategic investment in Summit Ridge. Apollo Partner Corinne Still said, 'We are pleased to expand our relationship with Summit Ridge Energy and enter this new partnership, which we believe represents a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands for households and businesses alike. Apollo is committed to serving as a leading capital provider enabling the new industrial renaissance and is excited to continue our support of Summit Ridge's mission to deliver a more secure, self-reliant energy future for communities across the country.' 'As we expand our footprint of solar assets, Summit Ridge Energy is advancing a more reliable and locally driven energy system—bolstering the U.S. electric grid while delivering savings to businesses and households and helping to create thousands of American jobs,' said Adam Kuehne, Chief Investment Officer of Summit Ridge Energy. 'We're proud to partner with the Apollo team as we continue driving the nation toward greater energy independence.' Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately $58 billioni of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure. Orrick, Herrington & Sutcliffe LLP served as legal counsel to the Apollo Funds. ____________________ i As of December 31, 2024. The firmwide targets (the 'Targets') to deploy, commit, or arrange capital commensurate with Apollo's proprietary Climate and Transition Investment Framework (the 'CTIF'), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities ('SEAs'), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: About Apollo Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit About Summit Ridge Energy As the nation's leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development. Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar farms, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. Learn more at and connect with us on LinkedIn. Contacts For Apollo: Noah Gunn Apollo Global Management, Inc. 212-822-0540 Joanna Rose Apollo Global Management, Inc. 212-822-0491 For Summit Ridge Energy: Media 347-723-7231
