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.”
