Apollo Funds Will Invest $824 Million in NextEra Energy Partners’ Partial Acquisition of a Renewable Energy Portfolio
Apollo (NYSE: APO) today announced that funds managed by its affiliates (the “Apollo Funds”) have agreed to invest $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 “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 Portfolio, which is expected to be operational at the time of funding, consists of 13 utility-scale wind and solar assets, three of which include battery storage, that are diversified across US power markets. 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 and building on the Firm’s growing activity within its infrastructure investing platform.
