NEW YORK, Nov 22 (Reuters) – Apollo Global Management (APO.N) has agreed to buy a 50% stake in Broad Reach Power from its existing owners, the parties said, a deal that will result in up to $400 million of capital being invested in the U.S. energy storage and renewables company.Founded in 2019, Broad Reach is 87.5% owned by private equity firm EnCap Investments through its energy transition fund, with the remainder held by peer Yorktown Partners and commodity trading firm Mercuria.Apollo is paying $320 million for its Broad Reach stake, EnCap Energy Transition Managing Partner Shawn Cumberland told Reuters. EnCap will also keep $30 million of cash currently on Broad Reach’s balance sheet.Register now for FREE unlimited access to reuters.comRegisterAs part of the deal, both Apollo and EnCap will put in up to $200 million of capital, to finance new Broad Reach projects, Cumberland…
Buyout firm Apollo to acquire stake in energy storage operator Broad Reach
