Global Atlantic Sells Stake in 26 Solar Facilities to APG
- Global Atlantic's sale of its minority interest in the solar and storage portfolio indicates a strategic shift in its investment focus, potentially freeing up capital for other ventures or investments. The partnership with APG and Southern Power demonstrates a commitment to renewable energy and long-term investment strategies, aligning with global demand for clean power solutions.
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The projects in the portfolio represent approximately 2.2 gigawatts of operating solar and storage capacity across 6 states. The energy from these facilities is sold under long-term contracts with utilities across the country. Southern Power, through its subsidiaries, will remain as the general partner in the partnership and will maintain overall operational responsibilities for the projects.
“We are grateful to have partnered with Southern Power on this portfolio for the past 5 years and believe the buyer will be an excellent partner for these assets going forward,” Anup Agarwal, Chief Investment Officer of Global Atlantic, said. “Since 2015, we have deployed more than
Onpeak Capital LLC served as exclusive financial advisor to Global Atlantic.
Steven Hason, Managing Director, Head of Americas Real Assets at APG, said: “Investing in renewable energy sources provides an opportunity to deliver responsible, long-term returns for APG’s pension fund clients. APG’s stake in these solar and storage assets furthers our commitment to the energy transition. We are pleased to have reached an agreement with Global Atlantic and look forward to a fruitful partnership with Southern Power.”
Truist Securities served as exclusive financial advisor to APG.
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company's performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR's investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR's parent company is KKR & Co. Inc. (NYSE: KKR).
About APG
As the largest pension provider in
Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in
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For media inquiries:
APG
Jennifer Bainbridge
Head of Communications US
Jennifer.bainbridge@apg-am.com
+1-973-842-1391
Global Atlantic
ICR Inc.
GlobalAtlantic@icrinc.com
(203) 682-8268
Source: Global Atlantic Financial Group