Apollo has committed to provide up to $220m (€193m) in funding for community solar projects across the US through a newly formed partnership with renewable energy investment platform Bullrock Energy Ventures.
Apollo funds have partnered with Bullrock to develop a portfolio of community solar assets in New York and New England, with $100m of Apollo’s equity commitment allocated to fund the development of Bullrock’s 500MW pipeline of renewable energy assets.
Corinne Still, Apollo partner, said: “Community solar represents an innovative solution to expanding local access to clean, efficient power across the energy grid, benefiting individuals, households and businesses alike.
“This partnership 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.”
Bullrock chairman and founder Gregg Beldock and managing partner Amory Beldock said: “Our partnership with Apollo enhances a leading vertically integrated renewables platform working to meet the growing demand for power while reinforcing American energy security. Our long history in construction and development paired with Apollo’s integrated platform positions us to efficiently scale our portfolio.
“Community solar lowers energy costs, improves grid resiliency and boosts local economies. Apollo shares our commitment to driving the industry forward and we’re proud to work with them.”
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