Apollo Global Management Inc. has agreed to invest $824 million in NextEra Energy Partners LP’s acquisition of a 50% interest in a portfolio of U.S. wind and solar farms.
Apollo is investing through a convertible equity portfolio financing agreement, the New York-based firm said in a statement. NextEra Energy Partners is buying the 2.5 gigawatts portfolio from its parent company, NextEra Energy Inc.
The portfolio consists of 13 utility-scale wind and solar farms, including three equipped with battery storage. They’re expected to be operational at the time of funding and have long-term power purchase agreements in place.
NextEra Energy Partners is the publicly listed company formed by NextEra Energy to buy wind, solar and other energy projects.