Apollo Funds Announce First Close of $816 Million Investment Supporting NextEra Energy Partners’ Acquisition of 50% Interest in 2.5 GW Renewable Energy Portfolio
29 Dezembro 2021 - 11:15AM
Apollo (NYSE: APO) today announced that funds managed by its
affiliates (the “Apollo Funds”) have made a first close on a $816
million in a convertible equity portfolio financing agreement with
NextEra Energy Partners, LP (NYSE: NEP) in a 2.5 GW contracted
renewable energy generation portfolio (the “Portfolio”).
Participation in the investment by leading pensions and insurers
underscores the attractiveness of the assets and a shared interest
among Apollo and some of the world’s leading institutions to
support the clean energy transition.
“In our view, this transaction has many hallmarks of how Apollo
is helping to facilitate the clean energy transition, combining our
infrastructure expertise, strong institutional relationships and a
flexible, scaled capital base to commit in size and with speed to
transactions of this nature,” said Geoff Strong, Apollo Partner and
Co-Head of Infrastructure and Natural Resources.
Craig Farr, Apollo Partner and Head of Capital Solutions, said,
“This transaction showcases our ability to bring bespoke, scaled
investment opportunities to our institutional partners, while
serving as a solutions partner to NextEra, helping them to redeploy
capital into new, earlier stage renewable energy
opportunities.”
The Portfolio consists of 13 utility-scale wind and solar
assets, three of which include battery storage, that are
geographically diversified across nine US states. The assets have
in place long-term power purchase agreements with diversified,
investment-grade counterparties. NextEra, one of the largest global
renewable energy producers, will provide asset management and
O&M services to the portfolio, aligning Apollo with a
world-class operating partner.
Apollo, through its managed funds and accounts, has been one of
the most active alternative investors in energy transition equity,
debt and hybrid investments, ranging from renewable energy assets
and infrastructure, including offshore and onshore wind, solar and
storage, to carbon reduction technologies, to helping finance the
transformation of traditional energy companies toward a cleaner
future.
In the transaction, Allen & Overy LLP and Paul, Weiss,
Rifkind, Wharton & Garrison LLP served as legal counsel to the
Apollo Funds.
About ApolloApollo is a high-growth, global
alternative asset manager. We seek to provide our clients excess
return at every point along the risk-reward spectrum from
investment grade to private equity with a focus on three business
strategies: yield, hybrid and opportunistic. Through our investment
activity across our fully integrated platform, we serve the
retirement income and financial return needs of our clients, and we
offer innovative capital solutions to businesses. Our patient,
creative, knowledgeable approach to investing aligns our clients,
businesses we invest in, our employees and the communities we
impact, to expand opportunity and achieve positive outcomes. As of
September 30, 2021, Apollo had approximately $481 billion assets
under management. To learn more, visit www.apollo.com.
Apollo Contact Information
For Investors:Noah GunnGlobal Head of Investor Relations(212)
822-0540IR@apollo.com
For Media:Joanna RoseGlobal Head of Corporate
Communications(212) 822-0491Communications@apollo.com
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