Apollo Global Management infrastructure funds are investing up to $265m (€224m) in US Wind to help fund an offshore wind project.
The capital commitment by Apollo funds will be invested through convertible debt and equity to buy an undisclosed equity stake in the US offshore wind developer.
US Wind was founded in 2011 and is majority-owned by Renexia. The company controls the Maryland wind energy area under a lease of approximately 80,000 acres located ten to thirty miles off the state’s coast, an area that is sufficient to install an estimated 1.3GW of renewable power generation.
Apollo said the capital will fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland.
The first phase of the project will have a capacity of 270 MW, enough to power more than 75,000 Maryland homes.
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.
“For Apollo, this is an exciting partnership that leverages our track record in renewable energy infrastructure investments and underlines the firm’s strong commitment to sustainability.”
Riccardo Toto, president of US Wind, said: “We believe our strategic partnership with Apollo will create significant value for US Wind and the state of Maryland in advancing development of our offshore wind projects.”
US Wind was founded in 2011 and is majority-owned by Renexia. The company controls the Maryland wind energy area under a lease of approximately 80,000 acres located ten to thirty miles off the state’s coast, an area that is sufficient to install an estimated 1.3GW of renewable power generation.
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