The funding commitment comes as Apollo takes a 50% stake in the company from venture capital firm EnCap Energy. November 24, 2021 David Wagman Image: iStock/Hannon ArmstrongAsset manager Apollo and EnCap Energy Transition Fund I said that funds managed by Apollo affiliates will acquire a 50% stake in Broad Reach Power, a utility-scale energy storage and renewable energy platform in the U.S.The affiliates will acquire the stake from venture capital firm EnCap Investments and its co-investment partners Yorktown Partners and Mercuria Energy. EnCap and its 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 expansion and project pipeline.Broad Reach has more than 1.4 GWh of storage assets in operation or under construction and has a 21 GW portfolio of utility-scale wind, solar, and…
Energy storage firm Broad Reach gets a $400 million equity infusion – pv magazine USA
