Global Infrastructure Partners (GIP), part of BlackRock and one of the world’s largest infrastructure investors with over $200 billion in assets under management, has agreed to acquire a majority and controlling interest in Summit Ridge Energy, one of the leading commercial solar power companies in the United States. Financial terms were not disclosed. The transaction is subject to customary closing conditions and regulatory approvals.
Founded in 2017 and headquartered in New York, Summit Ridge develops, owns, and operates distributed solar and battery energy storage systems across the Midwest, Mid-Atlantic, and New England markets. The company has more than 275 facilities in its portfolio, has raised over $7 billion in project capital since inception, and delivers power to more than 60,000 businesses, homes, and municipalities. Its total portfolio spans more than 3 gigawatts of solar and energy storage projects operating and in development nationwide.
Summit Ridge’s model is built around community and commercial solar — distributed generation assets that provide subscribers with locally generated power at a lower cost than utility rates, without requiring customers to install equipment on their own properties. The company has positioned itself as a leading aggregator and operator in what remains a fragmented market, combining project development, construction, asset management, and capital markets capabilities under one platform.
GIP’s investment is structured to accelerate Summit Ridge’s growth across three dimensions: advancing its existing development pipeline, enabling the company to retain a larger share of completed projects directly on its balance sheet rather than selling them down, and expanding its project acquisition capabilities through larger capital vehicles. The transaction aligns with GIP’s mid-market infrastructure strategy, which focuses on essential infrastructure assets supported by long-term contracted or regulated revenues and structural growth tailwinds, including the global energy transition.
Support: Marathon Capital served as financial advisor and Simpson Thacher & Bartlett as legal counsel to GIP; Citi served as financial advisor and Saul Ewing as legal counsel to Summit Ridge.
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“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.”
Mark Florian, Head of GIP Mid-Market Funds, Global Infrastructure Partners
“Summit Ridge has established itself as one of the top commercial solar platforms in the United States and the industry’s leading project acquisition machine. 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.”
Steve Raeder, Founder and Chief Executive Officer, Summit Ridge Energy
