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Apollo Global Management, Inc. (NYSE: APO announced that some of its affiliate funds invested in an offshore wind energy development company

According to the global alternative investment management firm, Apollo Funds made up to $265 million structured investment in US Wind, which has an offshore wind energy project off the coast of Maryland.

Apollo Funds’ deal with US Wind involves convertible debt and equity. The Maryland wind energy project has the potential to generate more than 1300 megawatts of electricity, enough to power more than 500,000 homes in the state.

The first phase of the project will have a capacity of 270 megawatts of electricity, enough to power more than 75,000 homes. US Wind plans to sell electricity and Offshore Wind Renewable Energy Credits under the Maryland Offshore Wind Energy Act of 2013, according to Apollo.

The project is expected to go online in early 2024 and to create thousands of jobs.

Apollo “will create significant value for U.S. and Maryland"

In a statement, Geoffrey Strong, Senior Partner and Co-Head of Infrastructure and Natural Resources at Apollo, said, “US Wind is a premier developer at the forefront of an offshore wind energy industry that is rapidly expanding in both the US and abroad, as interests coalesce around clean energy.”

“For Apollo, this is an exciting partnership that leverages our track record in renewable energy infrastructure investments and underlines the Firm’s strong commitment to sustainability,” he added.

On the other hand, US Wind President Riccardo Toto, said, “We believe our strategic partnership with Apollo will create significant value for US Wind and the state of Maryland in advancing the development of our offshore wind projects. Apollo is a creative and dynamic partner, with global expertise, and together we believe we can make a positive impact on the energy transition in the United States.”

Renexia SpA is the majority owner of US Wind and it is a leader in renewable energy development in Italy. It is a subsidiary of Toto Holding Group, which has more than 40 years of experience specializing in large infrastructure construction projects, rail transportation, and aviation.

The Bureau of Ocean Energy Management (BOEM) award US Wind with two leases covering more than 85,000 acres offshore of Ocean City, Maryland.

Allen & Overy LLP represented Apollo while McDermott Will & Emery LLP represented US Wind in the transaction.

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