Apollo Global to invest USD 265m in Maryland offshore wind developer

Offshore wind turbines. Source: LICengineering (www.liceng.dk).

August 14 (Renewables Now) - Apollo Global Management Inc (NYSE:APO) has acquired an equity stake in US Wind Inc, the developer of a 270-MW wind project off the coast of Maryland.

The alternative investment manager said in a statement today that certain funds managed by its affiliates have committed to invest through convertible debt and equity up to USD 265 million (EUR 224m) in the offshore wind developer. It did not disclose the exact size of the stake it will acquire in exchange.

Headquartered in Baltimore, US Wind controls the Maryland Wind Energy Area under a Bureau of Ocean Energy Management (BOEM) lease of about 80,000 acres (32,375 ha). The area, located 10 to 30 miles (16-48.3 km) off Maryland’s coast, could accommodate up to 1.3 GW of renewable power generation capacity.

The company plans to start with a 270-MW project that will be able to produce enough power to supply over 75,000 local homes. Upon its planned completion in early 2024, it will sell electricity and Offshore Wind Renewable Energy Credits under the Maryland Offshore Wind Energy Act of 2013.

US Wind is majority owned by Italian renewables developer Renexia SpA, which, in turn, is part of Toto Holding SpA.

(USD 1.0 = EUR 0.846)

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