Apollo helps fund major U.S. offshore wind facility

Apollo Global Management announced that some of its infrastructure portfolios are investing in an offshore wind energy development company, US Wind Inc. The investment extends Apollo’s 30-year track in which Apollo-managed funds have invested more than $20 billion in infrastructure-related opportunities across its platform. Led by Senior Partners Dylan Foo and Geoffrey Strong, Apollo’s infrastructure business is currently investing out of its second dedicated infrastructure fund, which focuses primarily on opportunities in power and renewables, communications, midstream energy and transportation. Geoffrey Strong Apollo Funds have committed to invest through convertible debt and equity up to $265 million to acquire an equity stake in US Wind and fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland. “US Wind is a premier developer at the forefront of an offshore wind energy industry that is rapidly expanding in both the U.S. and abroad, as interests coalesce around clean energy,” said Strong, senior partner and co-head of infrastructure and natural resources at Apollo. “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.” Baltimore-based US Wind controls the Maryland Wind Energy Area under a Bureau of Ocean Energy Management lease of approximately 80,000 acres located 10 to 30 miles off the coast, which is an area that is large enough to install an estimated 1.3 gigawatts of renewable power generation. In the first phase alone, this project is expected to power more than 75,000 homes with 270 megawatts of power. “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,” said President of US Wind Riccardo Toto. McDermott Will & Emery represented US Wind in this transaction; Washington-based Partner Christopher Gladbach led the McDermott team. Orrick, Herrington & Sutcliffe and Bonneli Erede were also legal advisors to US Wind.

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