Apollo, through funds it manages, has pledged up to $400 million to establish a new joint venture with Summit Ridge Energy. This partnership aims to jointly own and operate a portfolio of commercial solar assets in Illinois, marking a significant expansion in clean energy initiatives for both companies.
Summit Ridge Energy, recognized as one of the leading owner-operators of commercial solar assets in the U.S., currently boasts over 2 gigawatts of solar projects in operation and development. These projects extend across states including Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania, and Maine. The initiative has been pivotal in delivering energy savings to over 40,000 homes and businesses, further promoting American energy self-sufficiency.
This recent commitment follows Apollo's previous strategic move in 2022, when the company made a $175 million investment in Summit Ridge. The collaboration between the two firms highlights their ongoing efforts to accelerate the growth of renewable energy infrastructure in the United States.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 15 analysts, the average target price for Apollo Global Management Inc (APO, Financial) is $163.47 with a high estimate of $193.00 and a low estimate of $124.00. The average target implies an upside of 31.90% from the current price of $123.93. More detailed estimate data can be found on the Apollo Global Management Inc (APO) Forecast page.
Based on the consensus recommendation from 20 brokerage firms, Apollo Global Management Inc's (APO, Financial) average brokerage recommendation is currently 2.1, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Apollo Global Management Inc (APO, Financial) in one year is $87.41, suggesting a downside of 29.47% from the current price of $123.93. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Apollo Global Management Inc (APO) Summary page.
