Global Atlantic Sells Stake in 26 Solar Facilities to APG

Rhea-AI Summary

Global Atlantic Financial Group (Global Atlantic) has sold its 33% minority interest in a portfolio of 26 operating solar facilities and two energy storage facilities to APG, the largest pension provider in the Netherlands. The projects represent approximately 2.2 gigawatts of operating solar and storage capacity across 6 states, with energy sold under long-term contracts with utilities. Southern Power will remain as the general partner, and Onpeak Capital LLC and Truist Securities served as exclusive financial advisors to Global Atlantic and APG, respectively.

Positive

• 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.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, has sold its 33% minority interest in a portfolio of 26 operating solar facilities and two energy storage facilities to APG, the largest pension provider in the Netherlands.

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 $7 billion across solar and other renewable infrastructure investments spanning early-stage developments to operational projects. This transaction will allow us to continue to support development and operational excellence of clean power solutions as global demand continues to rise.”

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 the Netherlands APG looks after the pensions of 4.8 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €517 billion (September 2023) in pension assets. With approximately 3,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Singapore, Shanghai and Beijing. https://apg.nl/en/

^{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 New York.}

View source version on businesswire.com: https://www.businesswire.com/news/home/20231114814709/en/

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

FAQ

What is the capacity of the solar and storage facilities in the portfolio Global Atlantic sold to APG?

The projects represent approximately 2.2 gigawatts of operating solar and storage capacity across 6 states.

Who served as exclusive financial advisors to Global Atlantic and APG in this transaction?

Onpeak Capital LLC served as exclusive financial advisor to Global Atlantic, and Truist Securities served as exclusive financial advisor to APG.