Global Infrastructure Partnership (GIP), a subsidiary of BlackRock, plans to acquire a majority stake in Summit Ridge Energy, a community and commercial solar energy company.

We are pleased to acquire Summit Ridge Energy, a national leader in the solar energy industry, "said Mark Florian, Head of Market Fund at GIP. Its market leading platform and strong performance record keep the company at the forefront of the ever-changing energy landscape, defined by growing demand and changing energy structures. We look forward to working with the management teams of Steve Raeder and Summit Ridge to enhance the business and prepare for its long-term future growth. ”

Since its establishment in 2017, Summit Ridge has mainly built solar projects in the Midwest and Northeast regions. GIP invests in the energy and other infrastructure markets.

We are very proud to collaborate with GIP, a top global infrastructure investor with an unparalleled record of building industry-leading businesses, "said Steve Raeder, founder and CEO of Summit Ridge Energy. With the development of the market, success increasingly relies on the acquisition of capital and a fully domestic supply chain. Our cooperation with GIP has strengthened our business in these areas, as well as our ability to lead industry integration, which further extends Summit Ridge's competitive advantage in an already fragmented market, making it a leader in our field. ”

The transaction is still awaiting regulatory approval before completion. GIP is acquiring AES, an energy utility company with a large renewable energy business, for $10.7 billion.