Apollo Funds to Invest $824 Million Supporting NextEra Wind and Solar Deal
Posted on 11/07/2021
On October 22, 2021, Apollo Management and its managed funds agreed to invest US$ 824 million in a convertible equity portfolio financing agreement with NextEra Energy Partners, LP (NYSE: NEP) in a 2.5 GW renewable energy generation portfolio. The Apollo Funds committed to the investment as part of the sale of 50% of the Portfolio from NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE) to NextEra Energy Partners.
The renewable energy generation portfolio is expected to be operational at the time of funding. The portfolio consists of 13 utility-scale wind and solar assets, three of which include battery storage, that are diversified across U.S. power markets. The assets have in place long-term power purchase agreements with investment-grade counterparties. NextEra will provide asset management and O&M services to the portfolio.
Advisors
The transaction is subject to customary closing conditions and expected to be completed in the fourth quarter of 2021. Allen & Overy LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to the Apollo Funds.
Keywords: Apollo Global Management Inc.
