Apollo has announced that funds managed by its affiliates have acquired a 50% stake in the large solar and Battery Energy Storage System (BESS) portfolio in Texas from TotalEnergies. The deal covers approximately 2 GW of renewable energy assets, strategically located in the ERCOT energy market. The portfolio includes three solar projects with a combined capacity of 1.7 GW and two battery storage projects offering 300 MW of energy storage. TotalEnergies will retain its 50% ownership and continue to operate the projects, which include Danish Fields, Cottonwood, and Hill Solar I.
Highlighting the importance of the acquisition, Apollo Partner Brad Fierstein said, “We are thrilled to partner with TotalEnergies, a company leading the way in the energy transition. This partnership aligns perfectly with Apollo’s Clean Transition strategy, which focuses on long-term, flexible capital investment to support the growth of renewable energy infrastructure.” Apollo’s commitment to sustainability has been a driving force behind its investments. Over the past five years, the company has invested around $40 billion in energy transition and sustainability-focused initiatives, including offshore and onshore wind projects, solar power, renewable fuels, and electric vehicle technologies. Looking ahead, Apollo has set a target to deploy $50 billion into clean energy by 2027, with an eye on exceeding $100 billion by 2030.
The transaction is expected to close by the end of 2024, subject to the usual regulatory approvals and conditions. This collaboration not only strengthens Apollo’s presence in the renewable energy sector but also highlights the growing momentum behind the transition to cleaner energy solutions worldwide. As TotalEnergies and Apollo join forces, this significant investment underscores the critical role of partnerships in advancing sustainable energy solutions.
