Apollo Funds Acquire 50% Stake in 2 GW Texas Solar and BESS Portfolio from TotalEnergies
Apollo Funds has agreed to acquire a 50% stake in a Texas solar and battery energy storage system portfolio from TotalEnergies. The portfolio includes approximately 2 GW of solar and BESS assets in Texas' ERCOT market, comprising three solar projects (1.7 GW) and two battery storage projects (300 MW). TotalEnergies will maintain the remaining 50% stake and continue operating the assets, which include Danish Fields, Cottonwood, and Hill Solar I.
Apollo's Clean Transition strategy has deployed about $40 billion into energy transition and sustainability-related investments over the past five years. The company targets deploying $50 billion in clean energy and climate investments through 2027, with potential to deploy over $100 billion by 2030. The transaction is expected to close in Q4 2024.
Apollo Funds ha concordato di acquisire una partecipazione del 50% in un portafoglio di sistemi di energia solare e di accumulo di batterie in Texas da TotalEnergies. Il portafoglio include circa 2 GW di risorse solari e BESS nel mercato ERCOT del Texas, comprendente tre progetti solari (1,7 GW) e due progetti di accumulo di batterie (300 MW). TotalEnergies manterrà la restante partecipazione del 50% e continuerà a gestire gli asset, che includono Danish Fields, Cottonwood e Hill Solar I.
La strategia di transizione ecologica di Apollo ha impiegato circa 40 miliardi di dollari in investimenti legati alla transizione energetica e alla sostenibilità negli ultimi cinque anni. L'azienda prevede di investire 50 miliardi di dollari in energie rinnovabili e investimenti climatici entro il 2027, con la possibilità di oltrepassare i 100 miliardi di dollari entro il 2030. La transazione dovrebbe chiudersi nel quarto trimestre del 2024.
Apollo Funds ha acordado adquirir una participación del 50% en un portafolio de sistemas de energía solar y de almacenamiento de baterías en Texas de TotalEnergies. El portafolio incluye aproximadamente 2 GW de activos solares y BESS en el mercado ERCOT de Texas, que comprende tres proyectos solares (1,7 GW) y dos proyectos de almacenamiento de baterías (300 MW). TotalEnergies mantendrá la participación restante del 50% y seguirá operando los activos, que incluyen Danish Fields, Cottonwood y Hill Solar I.
La estrategia de Transición Limpia de Apollo ha desplegado alrededor de 40 mil millones de dólares en inversiones relacionadas con la transición energética y la sostenibilidad en los últimos cinco años. La compañía tiene como objetivo desplegar 50 mil millones de dólares en inversiones de energía limpia y clima hasta 2027, con la posibilidad de desplegar más de 100 mil millones de dólares para 2030. Se espera que la transacción se cierre en el cuarto trimestre de 2024.
아폴로 펀드는 토탈에너지로부터 텍사스의 태양광 및 배터리 저장 시스템 포트폴리오에서 50% 지분을 인수하기로 합의했습니다. 이 포트폴리오는 텍사스 ERCOT 시장에 약 2 GW의 태양광 및 BESS 자산이 포함되어 있으며, 1.7 GW의 태양광 프로젝트 3개와 300 MW의 배터리 저장 프로젝트 2개로 구성되어 있습니다. 토탈에너지는 나머지 50% 지분을 유지하며 Danish Fields, Cottonwood, Hill Solar I을 포함한 자산을 계속 운영할 것입니다.
아폴로의 청정 전환 전략은 지난 5년 동안 에너지 전환 및 지속 가능성 관련 투자에 약 400억 달러를 배치했습니다. 회사는 2027년까지 500억 달러의 청정 에너지 및 기후 투자 배치를 목표로 하며, 2030년까지 1000억 달러 이상의 배치를 기대하고 있습니다. 이 거래는 2024년 4분기에 마무리될 것으로 예상됩니다.
Apollo Funds a accepté d'acquérir une participation de 50% dans un portefeuille de systèmes d'énergie solaire et de stockage d'énergie par batteries au Texas de TotalEnergies. Le portefeuille comprend environ 2 GW d'actifs solaires et de BESS sur le marché ERCOT du Texas, comprenant trois projets solaires (1,7 GW) et deux projets de stockage par batteries (300 MW). TotalEnergies conservera la participation restante de 50% et continuera à exploiter les actifs, qui incluent Danish Fields, Cottonwood et Hill Solar I.
La stratégie de transition écologique d'Apollo a déployé environ 40 milliards de dollars dans des investissements liés à la transition énergétique et à la durabilité au cours des cinq dernières années. L'entreprise vise à déployer 50 milliards de dollars dans des investissements en énergie propre et en climat d'ici 2027, avec le potentiel de déployer plus de 100 milliards de dollars d'ici 2030. La transaction devrait être finalisée au quatrième trimestre 2024.
Apollo Funds hat zugestimmt, eine 50%ige Beteiligung an einem Portfolio von Solaranlagen und Batteriespeichersystemen in Texas von TotalEnergies zu erwerben. Das Portfolio umfasst etwa 2 GW an Solar- und BESS-Anlagen im ERCOT-Markt von Texas, darunter drei Solarprojekte (1,7 GW) und zwei Batteriespeicherprojekte (300 MW). TotalEnergies wird die verbleibende 50%ige Beteiligung halten und die Anlagen weiter betreiben, die Danish Fields, Cottonwood und Hill Solar I umfassen.
Die Strategie der sauberen Transition von Apollo hat in den letzten fünf Jahren etwa 40 Milliarden US-Dollar in Investitionen zur Energiewende und Nachhaltigkeit investiert. Das Unternehmen strebt an, bis 2027 50 Milliarden US-Dollar in saubere Energie- und Klimainvestitionen zu investieren, mit dem Potenzial, bis 2030 über 100 Milliarden US-Dollar zu investieren. Der Abschluss der Transaktion wird für das vierte Quartal 2024 erwartet.
- Acquisition of 50% stake in 2 GW renewable energy portfolio in strategic ERCOT market locations
- Partnership with established operator TotalEnergies
- Portfolio includes highly contracted assets
- Expansion of Apollo's clean energy portfolio
- Aligned with Apollo's $50 billion clean energy investment target through 2027
- None.
Insights
This strategic acquisition marks a significant expansion of Apollo's renewable energy portfolio in the critical ERCOT market. The
The portfolio's value lies in its highly contracted nature, which typically provides stable, predictable cash flows. The Texas location is particularly strategic given ERCOT's growing energy demands and the state's favorable renewable energy environment. The partnership with TotalEnergies, retaining operational control, reduces operational risk while allowing Apollo to benefit from their expertise in energy management.
For investors, this represents a calculated move into infrastructure assets that offer potential long-term returns with relatively lower volatility, while positioning Apollo favorably in the rapidly growing renewable energy sector.
The 2 GW portfolio acquisition is strategically significant in the ERCOT market, where grid reliability and energy demand continue to grow. The combination of 1.7 GW solar and 300 MW battery storage creates a robust hybrid system that can provide more reliable power delivery compared to standalone solar projects.
The battery storage component is particularly valuable in Texas, where energy arbitrage opportunities and grid stabilization services can generate additional revenue streams. The geographic positioning in ERCOT's market allows for optimal power distribution and maximizes the portfolio's utility-scale value.
The continued operational involvement of TotalEnergies ensures seamless integration and leverages their extensive experience in managing large-scale energy assets, while Apollo's capital injection supports portfolio expansion and optimization.
NEW YORK, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the “Apollo Funds”) have agreed to acquire a
Apollo Partner Brad Fierstein said, “We are pleased to partner with TotalEnergies, a leading energy company at the forefront of the energy transition, and to invest in a highly contracted, scaled renewable asset portfolio. Apollo’s Clean Transition strategy enables us to be a flexible and long-term capital partner, supporting the growth of TotalEnergies’ Integrated Power business and capital recycling strategy.”
Over the past five years, Apollo-managed funds have deployed approximately
The transaction is subject to customary closing conditions and is expected to be completed in Q4 2024.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately
Apollo Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com
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i As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.
FAQ
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