Funds managed by Apollo have agreed to acquire a 50 percent stake in Broad Reach Power, a U.S. utility-scale energy-storage and renewable-energy platform. The seller is existing investor EnCap Investments and its co-investment partners, Yorktown Partners and Mercuria Energy.
Broad Reach has more than 1.4 gigawatt hours of storage assets in operation or under construction and controls a 21-gigawatt portfolio of utility-scale wind, solar and energy-storage power projects across the United States.
Following the transaction, EnCap and partners will retain the remaining 50 percent stake in Broad Reach, and will plan to invest as much as $400 million of additional equity to fund the company’s continued expansion and growth pipeline.
“At Apollo we have been highly active in the energy transition, and we are thrilled to join EnCap in this investment in Broad Reach, which in our view is the premier energy storage leader in the U.S.,” said Geoff Strong, senior partn