• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Corporate News
  • Generation
  • Oil & Gas
  • Regulation
  • Renewable
    • Climate
    • Solar
    • Wind
  • Storage
  • Tech
  • T & D
Energy News Desk Logo

Energy News Desk

Energy News and Data

Apollo Makes Structured Investment in U.S. Wind Inc.

August 17, 2020 by NA Windpower

Apollo Global Management Inc. says funds managed by its affiliates have made a structured investment in U.S. Wind Inc., an offshore wind energy development company. 

Apollo Funds has committed to invest through convertible debt and equity up to $265 million to acquire an equity stake in U.S. Wind and fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland.

U.S. Wind controls the Maryland Wind Energy Area under a Bureau of Ocean Energy Management (BOEM) lease of approximately 80,000 acres located 10 to 30 miles off the state’s coast, an area that is sufficient to install an estimated 1.3 GW of renewable power generation. The first phase of the project will have a capacity of 270 MW. 

U.S. Wind plans to sell electricity and offshore wind renewable energy credits under the Maryland Offshore Wind Energy Act of 2013, and the project is poised to be a key contributor of renewable energy required under Maryland’s Renewable Portfolio Standard. Anticipated to come online in early 2024, the project has a 25+ year useful life and is expected to create thousands of jobs.

“We believe our strategic partnership with Apollo will create significant value for U.S. Wind and Maryland in advancing the development of our offshore wind projects,” says Riccardo Toto, president of U.S. Wind. 

“Apollo is a creative and dynamic partner, with global expertise. Together we believe we can make a positive impact on the energy transition in the U.S.,” he adds.

The U.S. Wind investment extends Apollo’s 30-year track record in which Apollo-managed funds have invested more than $20 billion in infrastructure-related opportunities across its platform. Apollo’s infrastructure business, which is currently investing out of its second dedicated infrastructure fund, focuses primarily on opportunities in power and renewables, communications, midstream energy and transportation.

Photo: U.S. Wind Inc.’s landing page

Original source: North American Wind Power

Filed Under: Renewable, Wind

Primary Sidebar

Join The Daily Charge

This week's top 5 stories in your inbox. No spam ever.

Trending

  • Anumar Names Delta as String Inverter Supplier for German PV Project
  • This Arkansas school turned solar savings into better teacher pay
  • Orsted, PGE Partner on Baltic Sea Offshore Wind Projects
  • Avangrid Begins Construction on La Joya Wind Farm
  • Waves Group Starts Construction on the Dogger Bank Wind Farm
  • Texas Governor Receives TGE’s Wind Leadership Award
  • ECO, Orsted and Eversource Execute Agreement for SOV
  • Offshore Wind Market for Jack-Up Interventions on the Rise
  • Nordex Group Installs the First N149/5.X Turbine
  • Texas Leads the Way in Wind Power

Footer

Trending

  • Anumar Names Delta as String Inverter Supplier for German PV Project
  • Orsted, PGE Partner on Baltic Sea Offshore Wind Projects
  • Avangrid Begins Construction on La Joya Wind Farm
  • Waves Group Starts Construction on the Dogger Bank Wind Farm
  • This Arkansas school turned solar savings into better teacher pay

Recent

  • Quick Tips To A Sustainable Future
  • Stem Provides Smart Energy Storage Solutions to Today’s Power
  • EIA's AEO2021 shows U.S. energy-related CO2 emissions rising after the mid-2030s
  • Homeowners associations still a barrier for some would-be solar customers
  • Commentary: With open standards, U.S. can build EV charging infrastructure faster

Search

Contact Us

Write For Us

  • Email
  • Facebook
  • Twitter

Copyright © 2022 · EnergyNewsDesk.com