Apollo Partners with Bullrock for Community Solar Growth
In a significant move toward enhancing renewable energy access, Apollo-managed funds have committed up to $220 million to a new joint venture with Bullrock Energy Ventures. This partnership focuses on developing a portfolio of community solar assets, primarily located in areas across New York and New England.
Bullrock, based in Vermont, is recognized for its impressive growth within the renewable energy sector. The company operates a vertically integrated model that encompasses all aspects of solar project development, including deal sourcing, underwriting, financing, and asset management. Under the leadership of Chairman and Founder Gregg Beldock, Bullrock, along with its partner company NxtGenREA led by Mike Mills, has successfully developed nearly 500 MW of solar projects. These projects provide local communities with access to affordable and clean energy.
Investing in Clean Energy Solutions
Apollo Partner Corinne Still expressed enthusiasm about the partnership, emphasizing the importance of community solar in expanding local access to clean energy. This approach not only benefits households and businesses but also aligns with Apollo’s commitment to driving the energy transition. The commitment to investing in diverse energy sources supports the growing demand for sustainable options in the energy market.
Gregg Beldock and Bullrock Managing Partner Amory Beldock reiterated the significance of their collaboration with Apollo. They noted that this alliance strengthens their efforts in addressing the increased demand for renewable power, while also enhancing America's energy security. The partnership is positioned to efficiently scale the portfolio of community solar projects, ultimately lowering energy costs and boosting local economies.
Commitment to Climate and Energy Transition
Over recent years, Apollo-managed funds have made substantial commitments towards climate and energy transition investments, totaling approximately $58 billion. These investments support an array of companies and projects focused on clean energy and sustainable infrastructure. The idea is to promote and facilitate the energy transition, ensuring a reliable supply of affordable power for communities.
The Tax Equity financing for this joint venture will be managed by Mike Mills through NxtGenREA, showcasing the collaborative efforts of experienced entities in the renewable energy field.
Legal Representation
In terms of legal representation, Orrick, Herrington & Sutcliffe LLP has advised Apollo Funds, while Brown Rudnick LLP has served as legal counsel for Bullrock. This collaboration between experienced legal teams underscores the commitment on both sides to navigate the complexities of the renewable energy sector effectively.
About Apollo: A Leader in Asset Management
Apollo is not just any asset management firm; it is a high-growth global alternative asset manager. With over three decades of expertise, Apollo strives to provide their clients with exceptional returns while supporting innovative capital solutions for businesses. As of the end of 2024, Apollo has an impressive $751 billion in assets under management, reflecting its commitment to excellence in investment.
Through its retirement services, Apollo specializes in helping clients secure their financial future with a variety of retirement savings products. Their holistic approach to investing fosters alignment among clients, businesses, and communities, driving positive outcomes and expanding opportunities for all involved.
About Bullrock Energy Ventures
Bullrock Energy Ventures stands out as a formidable player in the renewable energy market. Emerging from a rich history across various sectors including renewables and construction, Bullrock has focused on building a unique investment platform. To date, the company has developed over 500 MW of renewable energy projects and deployed more than $2 billion in clean energy investments.
What differentiates Bullrock is its successfully integrated model which allows them to manage energy assets comprehensively—from development to operation. Their commitment to accelerating the energy transition while supporting local communities reflects a dedication to fostering American energy independence.
Frequently Asked Questions
What is the joint venture between Apollo and Bullrock about?
The joint venture involves Apollo-managed funds committing up to $220 million to develop a portfolio of community solar assets in New York and New England.
Who is leading the partnership from Bullrock?
The partnership is led by Gregg Beldock, the Chairman and Founder of Bullrock Energy Ventures, alongside other key team members like Amory Beldock.
How much has Apollo invested in climate and energy-related projects?
Apollo-managed funds and affiliates have committed approximately $58 billion towards climate and energy transition-related investments over recent years.
What are the main goals of community solar projects?
Community solar projects aim to provide local residents and businesses with access to affordable and clean energy while fostering grid resiliency and boosting local economies.
What legal firms are representing Apollo and Bullrock?
Orrick, Herrington & Sutcliffe LLP is representing Apollo Funds, and Brown Rudnick LLP is serving as legal counsel for Bullrock Energy Ventures.
