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FINWIRES

GIP to Acquire Majority Stake in Commercial Solar Developer Summit Ridge

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Global Infrastructure Partners, a subsidiary of BlackRock (BLK), has agreed to acquire a controlling interest in commercial solar developer Summit Ridge Energy, it said on Wednesday.

The acquisition aims to scale Summit Ridge's solar and battery project pipeline across the Midwest, Mid-Atlantic, and New England.

The acquisition intends to provide Summit Ridge with capital to accelerate its project pipeline and increase direct ownership of assets.

This partnership aims to address increasing US electricity demand and strengthen the company's position in the commercial solar sector.

The completion of the transaction remains subject to customary closing conditions and regulatory approvals.

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