Global Infrastructure Partners (GIP), a subsidiary of global asset owner giant BlackRock, has agreed to acquire a majority and controlling interest in commercial solar PV developer Summit Ridge Energy.
Founded in 2017, Summit Ridge builds, owns and operates solar PV and energy storage systems across the Midwest, Mid-Atlantic and New England. The company has more than 275 facilities in its portfolio, with more than 3GW of solar PV and energy storage projects operational and in development across the US.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
According to the companies, the acquisition from GIP and investment in the developer will enable Summit Ridge to advance its development pipeline, hold a larger share of projects directly and expand its project acquisition capabilities through new, larger funding vehicles.
Steve Raeder, founder and chief executive officer at Summit Ridge Energy, said: “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.”
The BlackRock subsidiary continues its expansion in the US solar market with the acquisition of Summit Ridge, which follows the acquisition of AES Corporation in March of this year. The deal is expected to close in late 2026 or early 2027 and will see a consortium of companies led by GIP will acquire the US utility for US$10.7 billion.
Moreover, BlackRock has had a minority ownership stake in Recurrent Energy, the development arm of solar PV manufacturer Canadian Solar, since 2024.
