Latest news with #Apollo-managed
Associated Press
11-04-2025
- Business
- Associated Press
Apollo Funds Commit up to $400 Million for New Commercial Solar Partnership with Summit Ridge Energy
NEW YORK and ARLINGTON, Va., April 11, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) and Summit Ridge Energy, LLC ('Summit Ridge Energy' or 'Summit Ridge'), one of the nation's leading commercial solar companies, today announced that Apollo-managed funds (the 'Apollo Funds') have committed up to $400 million for a new joint venture partnership with Summit Ridge to jointly own and operate a portfolio of commercial solar assets across Illinois. Summit Ridge Energy is one of the largest owner-operators of commercial solar assets in the United States, with over 2GW of solar projects operating and in development across Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania and Maine, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. In 2022, Apollo Funds previously made a $175 million strategic investment in Summit Ridge. Apollo Partner Corinne Still said, 'We are pleased to expand our relationship with Summit Ridge Energy and enter this new partnership, which we believe represents a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands for households and businesses alike. Apollo is committed to serving as a leading capital provider enabling the new industrial renaissance and is excited to continue our support of Summit Ridge's mission to deliver a more secure, self-reliant energy future for communities across the country.' 'As we expand our footprint of solar assets, Summit Ridge Energy is advancing a more reliable and locally driven energy system—bolstering the U.S. electric grid while delivering savings to businesses and households and helping to create thousands of American jobs,' said Adam Kuehne, Chief Investment Officer of Summit Ridge Energy. 'We're proud to partner with the Apollo team as we continue driving the nation toward greater energy independence.' Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately $58 billioni of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure. Orrick, Herrington & Sutcliffe LLP served as legal counsel to the Apollo Funds. ____________________ i As of December 31, 2024. The firmwide targets (the 'Targets') to deploy, commit, or arrange capital commensurate with Apollo's proprietary Climate and Transition Investment Framework (the 'CTIF'), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities ('SEAs'), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: About Apollo Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit About Summit Ridge Energy As the nation's leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development. Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar farms, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. Learn more at and connect with us on LinkedIn. Contacts For Apollo: Noah Gunn Apollo Global Management, Inc. 212-822-0540 Joanna Rose Apollo Global Management, Inc. 212-822-0491 For Summit Ridge Energy: Media 347-723-7231
Yahoo
24-03-2025
- Business
- Yahoo
BP and Apollo agree on $1bn deal for 25% stake in bp TANAP
BP and Apollo have finalised agreements for Apollo-managed funds to acquire a 25% non-controlling stake in BP Pipelines (TANAP), referred to as bp TANAP. bp TANAP is a bp subsidiary that holds a 12% interest in the TANAP pipeline, which is crucial for transporting natural gas from Azerbaijan across Türkiye. Apollo funds will purchase the non-controlling shareholding in bp TANAP for approximately $1bn. The proceeds will contribute to bp's $20bn divestment programme. Despite monetising its interest, bp will remain the controlling shareholder, retaining strategic interest and governance rights in the pipeline. The transaction is expected to close in the second quarter of 2025, pending regulatory and TANAP shareholders' approvals. bp gas & low carbon energy executive vice president William Lin said: 'We are pleased to extend our partnership with Apollo and to deepen our partnership in this key piece of energy infrastructure for Europe. 'This unlocks capital from our global portfolio while retaining our role in this strategic asset for bringing Azerbaijan gas to Europe. bp and Apollo will continue to explore further strategic cooperation and mutually beneficial opportunities.' TANAP, spanning approximately 1,800km across Türkiye, is the central section of the Southern Gas Corridor (SGC) pipeline system. The SGC transports gas from the Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to European markets including Italy and Greece. In November 2024, Apollo and bp completed a previous agreement for Apollo to partner with bp on TAP, the final leg of the SGC. BP and Apollo continue to explore further cooperation opportunities in infrastructure, gas and low-carbon energy assets. Apollo partner Skardon Baker said: 'We see significant potential with our scaled, long-term capital to partner with bp, in alignment with their strategic objectives. We are pleased by the highly successful partnership to date.' Additionally, Saudi Aramco is reportedly considering acquiring bp's Castrol lubricant business, potentially valuing the division at around $10bn. BP is evaluating options for its Castrol division, including a potential sale, as part of a broader strategic review. "BP and Apollo agree on $1bn deal for 25% stake in bp TANAP" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
21-03-2025
- Business
- Yahoo
BP Sells Gas Pipeline Stake to Apollo Funds for $1 Billion
(Bloomberg) -- BP Plc said Apollo-managed funds will purchase a 25% non-controlling stake in BP Pipelines — known as BP TANAP — for about $1 billion, marking the British energy giant's first divestment under its turnaround plan. New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Amtrak CEO Departs Amid Threats of a Transit Funding Pullback NYC Plans for Flood Protection Without Federal Funds TANAP holds BP's 12% interest in the Trans-Anatolian natural gas pipeline, part of the Southern Gas Corridor pipeline system that carries fuel from the Shah Deniz field in the Azerbaijan section of the Caspian Sea through Turkey to markets in Europe, including Italy and Greece. The deal is set to close in the second quarter, subject to regulatory and TANAP shareholder approvals. Proceeds from the transaction will contribute to BP's $20 billion divestment program, the company said Friday in a statement. BP has come under pressure from investors, including the aggressive activist Elliott Investment Management, to flip its trajectory. After the company's value plunged during Chief Executive Officer Murray Auchincloss's first year in the role, he announced in February that BP would return to focusing on fossil fuels after the firm previously tried moving away from hydrocarbons. Part of the strategic reset includes $20 billion worth of divestments by the end of 2027 to improve cash flows. 'This unlocks capital from our global portfolio while retaining our role in this strategic asset for bringing Azerbaijan gas to Europe,' BP Executive Vice President William Lin said in the statement. (Updates with EVP comment in final paragraph.) A New 'China Shock' Is Destroying Jobs Around the World Tesla's Gamble on MAGA Customers Won't Work How TD Became America's Most Convenient Bank for Money Launderers The Real Reason Trump Is Pushing 'Buy American' One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
21-03-2025
- Business
- Bloomberg
BP Sells Gas Pipeline Stake to Apollo Funds for $1 Billion
BP Plc said Apollo-managed funds will purchase a 25% non-controlling stake in BP Pipelines — known as BP TANAP — for about $1 billion, marking the British energy giant's first divestment under its turnaround plan. TANAP holds BP's 12% interest in the Trans-Anatolian natural gas pipeline, part of the Southern Gas Corridor pipeline system that carries fuel from the Shah Deniz field in the Azerbaijan section of the Caspian Sea through Turkey to markets in Europe, including Italy and Greece.
The National
31-01-2025
- Business
- The National
US-based asset manager Apollo invests $500m in Aldar Properties
Aldar Properties, Abu Dhabi's biggest listed developer, has raised $500 million through a private placement with US asset management firm Apollo Global Management. The money was raised through subordinated hybrid notes, the developer said in a statement on Friday. The issuance to Apollo-managed affiliates, funds and clients replaces a land joint venture that was part of the asset management firm's initial $1.4 billion investment into Aldar in 2022. This brings aggregate investment in Aldar led by Apollo to approximately $1.9 billion across four transactions since 2022. Aldar claimed the transaction represents one of the region's largest corporate hybrid private placements, which enhances its capital resilience and is 'value accretive for shareholders'. 'The transaction provides Aldar with long-term, flexible capital that contributes to our balance sheet strength as we continue to capitalise on attractive growth opportunities. Our partnership with Apollo continues to play a key role in driving our expansion,' Faisal Falaknaz, group chief financial and sustainability officer at Aldar, said. Earlier this month, Aldar Properties raised Dh9 billion ($2.45 billion) in a sustainability-linked revolving credit facility from a syndicate of 15 UAE-based and international lenders. The five-year facility boosted Aldar's liquidity position to nearly Dh27 billion and incorporated both conventional and Islamic tranches across the UAE dirham and US dollar currencies. The developer also raised $500 million through its debut green Islamic bond in 2023 as part of its sustainability agenda. This month, Moody's reaffirmed Aldar's Baa2 credit rating with a stable outlook. The hybrid notes issued to Apollo share characteristics of a recent $1 billion public issuance by Aldar, with a longer non-call period of 10.25 years. In August 2022, Apollo-managed funds and clients invested $1.4 billion in Aldar, including a $400 million equity investment in Aldar Investment Properties. The Abu Dhabi developer raised $1 billion this month through a hybrid bond issuance, which received strong interest from regional and international investors. The order book for the hybrid bond exceeded $4.9 billion from global institutional investors and the issuance was oversubscribed 3.8 times. The funds raised will be used to acquire more land, expand Aldar's portfolio, and make strategic acquisitions. The hybrid bond, which blends features of debt and equity, offers an initial yield of 6.625 per cent and cannot be redeemed for 7.25 years.
