United States – Apollo announced the first close on a $816 million convertible equity portfolio financing agreement with NextEra Energy Partners in a 2.5 GW contracted renewable energy generation portfolio.
The participation of leading pension funds and insurers in the investment demonstrates the attractiveness of the assets and a shared interest among Apollo and some of the world’s most powerful institutions in advancing the clean energy transition.
The Portfolio consists of 13 utility-scale wind and solar assets that are geographically diversified across nine US states, three of which include battery storage. Long-term power purchase agreements with diversified, investment-grade counterparties are in place for the assets. NextEra, one of the world’s largest renewable energy producers, will manage the portfolio and provide asset management and operations and maintenance services, providing Apollo with a world-class operating partner.
Apollo has been one of the most active alternative investors in energy transition equity, debt, and hybrid investments, ranging from renewable energy assets and infrastructure, such as offshore and onshore wind, solar, and storage, to carbon reduction technologies, to assisting traditional energy companies in their transition to a cleaner future, through its managed funds and accounts.
