Apollo Funds Announces First Closing of $ 816 Million Investment Supporting NextEra Energy Partners Acquisition of 50% Interest in 2.5 GW Renewable Energy Portfolio
Transaction leverages Apollo’s expertise in infrastructure, flexible capital and institutional relationships to help fuel the clean energy transition
NEW YORK, December 29, 2021 (GLOBE NEWSWIRE) – Apollo (NYSE: APO) today announced that funds managed by its affiliates (the âApollo Fundsâ) have for the first time closed a $ 816 million funding round. dollars in a convertible equity portfolio agreed with NextEra Energy Partners, LP (NYSE: NEP) in a 2.5 GW renewable power generation contract portfolio (the âPortfolioâ). The participation in the investment of the main pension plans and insurers underlines the attractiveness of the assets and a shared interest between Apollo and some of the main global institutions to support the clean energy transition.
âIn our view, this transaction exhibits many characteristics of how Apollo is helping to facilitate the transition to clean energy, by combining our infrastructure expertise, strong institutional relationships and a flexible and tailored capital base to engage in. size and speed in transactions of this nature, âsaid Geoff Strong, Apollo Partner and Co-Head of Infrastructure and Natural Resources.
Craig Farr, Apollo Partner and Head of Capital Solutions, said: âThis transaction demonstrates our ability to deliver tailored, large-scale investment opportunities to our institutional partners, while serving as a solutions partner to NextEra. , helping them to redeploy capital to a new, earlier stage. renewable energy opportunities.
The portfolio consists of 13 large-scale wind and solar assets, three of which include battery storage, which are geographically diversified across nine US states. The assets have long-term power purchase agreements in place with diversified and quality counterparties. NextEra, one of the world’s largest producers of renewable energy, will provide asset management and O&M services to the portfolio, aligning Apollo with a world-class operating partner.
Apollo, through its funds and managed accounts, has been one of the most active alternative investors in equity, debt and hybrid investments in the energy transition, ranging from renewable energy assets and infrastructure, including offshore and onshore wind, solar and storage, carbon reduction technologies. , to help finance the transformation of traditional energy companies into a cleaner future.
In the transaction, Allen & Overy LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisers to the Apollo funds.
Apollo is a high growth global alternative asset manager. We seek to provide our clients with excess return at every step of the risk-return spectrum, from investment grade to private equity, by focusing on three business strategies: return, hybrid and opportunistic. Through our investing activity on our fully integrated platform, we meet the retirement income and financial performance needs of our clients, and we deliver innovative capital solutions to businesses. Our patient, creative and knowledgeable approach to investing aligns our clients, the companies we invest in, our employees, and the communities we impact on, to expand opportunities and drive positive results. As of September 30, 2021, Apollo had approximately $ 481 billion in assets under management. To learn more, visit www.apollo.com.
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