Dutch pension asset manager APG has acquired Global Atlantic Financial’s 33% stake in a 2.2GW US portfolio of 26 operating solar facilities and two battery storage projects for an undisclosed sum.

Southern Power will hold the remaining stake in the portfolio that holds 2.2GW of operating solar and storage capacity across six states. Southern Power will maintain overall operational responsibilities for the projects.

The transaction adds 600MW net to APG’s US renewables portfolio, which has grown to 9GW gross across investments in solar energy, battery storage, and hydroelectricity. APG has over $2bn (€1.84bn) invested across utility-scale solar, storage, and hydroelectric assets, including the largest solar + battery storage project in the US.

Steven Hason, managing director, and head of Americas real assets at APG, said: “APG’s investment in this clean energy portfolio is well-aligned with our broader strategy to grow our clients’ renewable energy footprint in the Americas. We see strong opportunity in the US to generate long-term returns while contributing to the energy transition on a significant scale.”

Anup Agarwal, CIO of Global Atlantic, said: “We are grateful to have partnered with Southern Power on this portfolio for the past 5 years and believe the buyer will be an excellent partner for these assets going forward. Since 2015, we have deployed more than $7bn across solar and other renewable infrastructure investments spanning early-stage developments to operational projects.”

Agarwal said the transaction will allow Global Atlantic to continue to support the ”development and operational excellence of clean power solutions as global demand continues to rise”.

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