The investment will fund the development of an wind project off the coast of Maryland
Apollo Global Management has agreed to acquire an equity stake in offshore wind energy development company, US Wind.
The company said that certain funds managed by its affiliates have committed to invest through convertible debt and equity up to $265m in the offshore wind developer.
This investment will fund the development and construction of an offshore wind project off the coast of Maryland.
US Wind controls the Maryland Wind Energy Area under a Bureau of Ocean Energy Management (BOEM) lease of about 80,000 acres of land located 10 to 30 miles (16-48.3km) off Maryland’s coast that could accommodate about 1.3GW of renewable power generation capacity.
US Wind plans to construct a 270MW power project offshore Maryland
Under the first phase of the offshore project, the company is planning to build a 270MW capacity, which will be sufficient to supply power to more than 75,000 Maryland households.
Upon operational in early 2024, it will sell electricity and Offshore Wind Renewable Energy Credits of the project under the Maryland Offshore Wind Energy Act of 2013.
Apollo Infrastructure and Natural Resources senior partner and co-head Geoffrey Strong 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.”
Baltimore- Headquartered, US Wind is majority owned by Renexia, an Italian renewable energy developer and a subsidiary of Toto.