Apollo Funds Acquire 50% Stake in 2 GW Texas Solar and BESS Portfolio from TotalEnergies
04 Diciembre 2024 - 8:00AM
Apollo (NYSE: APO) today announced that funds managed by Apollo
affiliates (the “Apollo Funds”) have agreed to acquire a 50% stake
in a Texas solar and battery energy storage system (“BESS”)
portfolio from TotalEnergies. The portfolio includes approximately
2 GW of solar and BESS assets in strategic locations in Texas’
ERCOT market, consisting of three solar projects with a total
capacity of 1.7 GW and two battery storage projects with a combined
capacity of 300 MW. TotalEnergies will retain a 50% stake in the
portfolio and continue to operate the assets, which include Danish
Fields, Cottonwood and Hill Solar I.
Apollo Partner Brad Fierstein said, “We are
pleased to partner with TotalEnergies, a leading energy company at
the forefront of the energy transition, and to invest in a highly
contracted, scaled renewable asset portfolio. Apollo’s Clean
Transition strategy enables us to be a flexible and long-term
capital partner, supporting the growth of TotalEnergies’ Integrated
Power business and capital recycling strategy.”
Over the past five years, Apollo-managed funds
have deployed approximately $40 billioni into energy transition and
sustainability-related investments, supporting companies and
projects across clean energy and infrastructure, including offshore
and onshore wind, solar, storage, renewable fuels, electric
vehicles as well as a wide range of technologies to facilitate
decarbonization. Across asset classes, Apollo targets deploying $50
billion in clean energy and climate investments through 2027 and
sees the opportunity to deploy more than $100 billion by 2030.
The transaction is subject to customary closing conditions and
is expected to be completed in Q4 2024.
About Apollo
Apollo is a high-growth, global alternative
asset manager. In our asset management business, we seek to provide
our clients excess return at every point along the risk-reward
spectrum from investment grade credit to private equity. For more
than three decades, our investing expertise across our fully
integrated platform has served the financial return needs of our
clients and provided businesses with innovative capital solutions
for growth. Through Athene, our retirement services business, we
specialize in helping clients achieve financial security by
providing a suite of retirement savings products and acting as a
solutions provider to institutions. Our patient, creative, and
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, 2024, Apollo had approximately $733 billion of assets under
management. To learn more, please visit www.apollo.com.
Apollo Contacts
Noah GunnGlobal Head of Investor RelationsApollo Global
Management, Inc.(212) 822-0540IR@apollo.com
Joanna RoseGlobal Head of Corporate CommunicationsApollo Global
Management, Inc.(212) 822-0491Communications@apollo.com
________________i As of June 30, 2024.
Deployment commensurate with Apollo’s proprietary Climate and
Transition Investment Framework, which provides guidelines and
metrics with respect to the definition of a climate or transition
investment. Reflects (a) for equity investments: (i) total
enterprise value at time of signed commitment for initial equity
commitments; (ii) additional capital contributions from Apollo
funds and co-invest vehicles for follow-on equity investments; and
(iii) contractual commitments of Apollo funds and co-invest
vehicles at the time of initial commitment for preferred equity
investments; (b) for debt investments: (i) total facility size for
Apollo originated debt, warehouse facilities, or fund financings;
(ii) purchase price on the settlement date for private non-traded
debt; (iii) increases in maximum exposure on a period-over-period
basis for publicly-traded debt; (iv) total capital organized on the
settlement date for syndicated debt; and (v) contractual
commitments of Apollo funds and co-invest vehicles as of the
closing date for real estate debt; (c) for SPACs, the total sponsor
equity and capital organized as of the respective announcement
dates; (d) for platform acquisitions, the purchase price on the
signed commitment date; and (e) for platform originations, the
gross origination value on the origination date.
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