Benzinga | Jul 15, 2021 08:03AM EDT

Apollo Global Management, Atlantic Offshore Terminals Enter Into Agreement Regarding Development Of Offshore Wind Energy Staging And Assembly Port For Greater New York Region; Terms Not Disclosed

Apollo Global Management, Inc. (NYSE:APO) (together with its consolidated subsidiaries, "Apollo" or the "Firm") today announced that certain funds managed by its affiliates (the "Apollo Funds") have entered into an agreement with Arthur Kill Terminal LLC for the exclusive right to invest in the Arthur Kill Terminal project ("AKT"), a major offshore wind energy staging and assembly port under development in Staten Island, New York.



New York-based Atlantic Offshore Terminals ("AOT") will lead the development of Arthur Kill Terminal. AKT is anticipated to begin operating in late 2025 and, if successful, will catalyze investment across the offshore wind supply chain in the region and greater US.

"We're thrilled to have the support of Apollo on a project poised to create significant value for New York and the US offshore wind supply chain. Successful development of Arthur Kill Terminal would ensure there is sufficient staging port capacity to build New York's target of at least 9,000 megawatts of offshore wind by 2035 as well as support the use of jackup vessels, floating foundations and other emerging offshore wind technologies on the East Coast," said Boone Davis, President of AOT. "Apollo has significant experience investing in wind and other renewable energy infrastructure, and we believe our combined expertise will enable us to successfully and responsibly build and operate this critical clean energy infrastructure project."

"Arthur Kill Terminal is positioned to be a foundation of the core infrastructure supporting the offshore wind industry in New York and the surrounding region," said Brad Fierstein, Principal at Apollo. "We are excited by the opportunity to support the substantial industrial development and job creation the AKT project can bring to the city and region through an investment that leverages our track record in renewable energy infrastructure investments and demonstrates our commitment to sustainability."

The Arthur Kill Terminal development aligns with Apollo's expertise in renewable energy infrastructure and with the Firm's longstanding commitment to strong environmental, social and governance principles.