Apollo Global Management has announced that certain funds managed by its affiliates have made a structured investment in US Wind Inc., a Baltimore-based offshore wind energy development company.
Apollo Funds have committed to invest through convertible debt and equity up to $265 million to acquire an equity stake in US Wind and fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland.
US Wind controls the Maryland Wind Energy Area under a Bureau of Ocean Energy Management lease of approximately 80,000 acres located 10 to 30 miles off the state’s coast, an area that is sufficient to install an estimated 1.3 gigawatts of renewable power generation. The first phase of the project will have a capacity of 270 megawatts, enough to power more than 75,000 Maryland homes.
US Wind plans to sell electricity and Offshore Wind Renewable Energy Credits under the Maryland Offshore Wind Energy Act of 2013, and the
