APG has acquired a 33% minority interest in a portfolio of renewable energy assets in the United States. The transaction contributes to APG’s clients’ ambitions to accelerate the energy transition and reduce greenhouse gas (GHG) emissions.
The portfolio consists of 26 operating solar facilities and two battery storage projects in the US. APG’s stake adds approximately 600 net megawatts (MW) to its renewables portfolio and offsets 1.3 million metric tons of carbon emissions each year, which is equivalent to taking more than 280,000 passenger cars off the road.
APG acquired the stake in these projects from Global Atlantic Financial Group (‘Global Atlantic’), the American life insurance company. Southern Power will remain as majority owner of the partnership and will maintain overall operational responsibility. Financial details will not be disclosed.
The acquisition furthers APG’s aim to accelerate the transition to clean energy and to generate stable, long-term returns for its clients. “APG’s investment in this portfolio is well-aligned with our broader strategy to grow our clients’ renewable energy footprint in the Americas,” said Steven Hason, Managing Director, Head of Americas Real Assets at APG. “We see strong opportunity in the US to generate long-term returns while contributing to the energy transition on a significant scale.”
In the US, APG has several direct investments in utility-scale solar and storage assets. For example, in October 2022 APG acquired a 49% equity stake in Gemini, currently the largest solar and storage project under construction in the US.
APG has been an active infrastructure investor since 2004, investing over €26 billion to date. APG’s investments include assets in the power & utilities, energy, transport infrastructure, and telecommunications sectors.