Apollo Funds to acquire 50% stake in 2 GW texas solar, BESS portfolio

Apollo announced that funds managed by Apollo affiliates have agreed to acquire a 50% stake in a Texas solar and battery energy storage system portfolio from TotalEnergies (TTE). 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. 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.