Global Infrastructure Partners, a part of BlackRock, has agreed to acquire a majority stake in Summit Ridge Energy, an Arlington, Virginia-based commercial solar power company.

Since launching in 2017, Summit Ridge Energy has raised over $7 billion in project capital to finance more than 250 facilities. The company constructs, owns, and operates solar and energy storage systems throughout the Midwest, Mid-Atlantic, and New England markets, with over 275 facilities in its portfolio.

Steve Raeder serves as founder and CEO of Summit Ridge Energy. The acquisition positions BlackRock's infrastructure arm to expand its renewable energy footprint in the commercial solar sector.