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Renewable Energy

Apollo Funds to Invest $824 Million in NextEra Wind, Solar Deal

Photovoltaic panels at the North Palm Springs 1 solar field in Whitewater, California, U.S., on Thursday, June 3, 2021. Communities from California to New England are at risk of power shortages this summer, with heat expected to strain electric grids that serve more than 40% of the U.S. population.

(Bloomberg) —

Apollo Global Management Inc. 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 Friday 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.

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