RTTNews | Nov 22, 2021 09:12AM EST

09:12 Monday, November 22, 2021 (RTTNews.com) - Alternative asset manager Apollo (APO) and EnCap Energy Transition Fund I announced Monday that funds managed by Apollo affiliates have agreed to acquire a 50% stake in Broad Reach Power LLC, a leading utility-scale energy storage and renewable energy platform in the US. The financial terms of the deal were not disclosed.

The Apollo Funds will acquire the stake from existing investor EnCap Investments L.P. and its co-investment partners Yorktown Partners and Mercuria Energy. EnCap and its co-investment partners will retain the other 50% stake and, together with the Apollo Funds, commit to invest up to $400 million of additional equity to fund Broad Reach's continued expansion and growth pipeline.

Broad Reach is a leading energy storage platform in the US, applying advanced energy storage technology and power market analytics to improve the performance of renewable and power generation facilities.

EnCap has been one of the most aggressive pioneer investors in the fast-growing US battery storage business. EnCap's energy transition platform established Broad Reach in 2019. The acquisition by the Apollo Funds will also represent the first sale by EnCap's $1.2 billion Energy Transition Fund I.

The transaction is subject to customary closing conditions and expected to be completed by year-end 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3244076/apollo-funds-to-acquire-50-stake-in-broad-reach-power-from-encap-quick-facts.aspx)

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