Funds managed by Apollo affiliates have made a first close on an $816 million convertible equity portfolio financing agreement with NextEra Energy Partners in a 2.5-gigawatt contracted renewable energy generation 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.
The portfolio consists of 13 utility-scale wind and solar assets, three of which include battery storage, that are geographically diversified across nine U.S. 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 bee