- Apollo Funds have agreed to acquire a 50% stake in a 2 GW Texas solar and battery energy storage system portfolio from TotalEnergies. - The portfolio consists of approximately 1.7 GW of solar assets and two battery storage projects with a combined capacity of 300 MW. - TotalEnergies will retain a 50% stake and continue to operate the assets, which include projects named Danish Fields, Cottonwood, and Hill Solar I. - Apollo Partner Brad Fierstein highlighted the partnership with TotalEnergies as a key move in investing in a scaled renewable asset portfolio. - Over the last five years, Apollo-managed funds have invested around $40 billion into energy transition and sustainability projects. - Apollo aims to deploy $50 billion in clean energy and climate investments by 2027 and sees potential for over $100 billion by 2030. - The transaction is subject to customary closing conditions and is expected to be finalized in the fourth quarter of 2024. - Apollo is recognized as a high-growth global alternative asset manager with approximately $733 billion of assets under management as of September 30, 2024.

Apollo Funds Acquire 50% Stake in 2 GW Texas Solar and BESS Portfolio from TotalEnergies

December 04, 2024 09:00 ET| Source: Apollo Global Management, Inc.

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 50% stake in a Texas solar and battery energy storage system (“BESS”) portfolio from TotalEnergies. The portfolio includes approximately 2 GW of solar and BESS assets in strategic locations in Texas’ ERCOT market, consisting of three solar projects with a total capacity of 1.7 GW and two battery storage projects with a combined capacity of 300 MW. TotalEnergies will retain a 50% stake in the portfolio and continue to operate the assets, which include Danish Fields, Cottonwood and Hill Solar I.

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 $40 billioni into energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure, including offshore and onshore wind, solar, storage, renewable fuels, electric vehicles as well as a wide range of technologies to facilitate decarbonization. Across asset classes, Apollo targets deploying $50 billion in clean energy and climate investments through 2027 and sees the opportunity to deploy more than $100 billion by 2030.

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 $733 billion of assets under management. To learn more, please visit www.apollo.com.

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.