Apollo Global Management (NYSE: APO) announced that certain funds managed by its affiliates made a structured investment in US Wind, an offshore wind energy development company.
The fund is investing up to $265 million through convertible debt and equity to acquire an equity stake in Baltimore, Maryland-based US Wind. The investment will fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland.
US Wind controls the Maryland Wind Energy Area under a Bureau of Ocean Energy Management (BOEM) lease of approximately 80,000 acres located ten to thirty miles off the state's coast, an area that is sufficient to install an estimated 1.3 GW of renewable power generation.