Apollo (NYSE: APO) and Bullrock Energy Ventures ("Bullrock") announced today that the funds managed by Apollo (the "Apollo Funds") have committed up to $220 million to a new joint venture partnership with Bullrock. The partnership involves a portfolio of community solar assets in New York and New England. USD 100 million of Apollo's equity commitment will finance the development of Bullrock's nearly 500 MW renewable energy pipeline.
Bullrock, based in Vermont, is a high-growth renewable energy company with operations throughout the Northeastern United States. The company's vertically integrated model includes procurement, underwriting, development, construction, financing and asset management. Under the leadership of Chairman and Founder Gregg Beldock, Bullrock and its partner company NxtGenREA, led by Mike Mills, have developed nearly 500 MW of solar projects in New England, New York and the Midwest over the past decade. The projects support residents and businesses across the country with access to affordable clean energy.
"We are excited to partner with Gregg and the Bullrock team and invest in this extensive portfolio of solar assets that we believe will provide significant benefits to surrounding communities," said Apollo Partner Corinne Still. "Community solar is an innovative solution to expand local access to clean, efficient electricity across the grid, benefiting individuals, homes and businesses alike. This partnership underscores Apollo's commitment as a leading investor to support the energy transition and invest in businesses and projects that meet the growing need for diverse energy sources."
