Apollo Global Management, Inc. (APO) has announced an agreement for its affiliated funds to acquire a 50% interest in a Texas-based solar and battery energy storage system portfolio from TotalEnergies. The completion of this transaction is anticipated in the fourth quarter.
The portfolio comprises approximately 2 gigawatts (GW) of solar and battery energy storage system (BESS) assets. It features three solar projects with a total capacity of 1.7 GW, alongside two battery storage projects providing a combined capacity of 300 megawatts (MW).
Under the terms of the agreement, TotalEnergies will retain a 50% ownership stake in the projects, which include Danish Fields, Cottonwood, and Hill Solar I.
Apollo has indicated its ambition to invest $50 billion in clean energy and climate-related initiatives across various asset classes through 2027, with the potential to allocate over $100 billion by 2030.
