Apollo funds to acquire 50% stake in broad reach power from encap

New york and houston, nov. 22, 2021 (globe newswire) -- apollo (nyse: apo) and encap energy transition fund i (“eetfi”) today announced that funds managed by apollo affiliates (the “apollo funds”) have agreed to acquire a 50% stake in broad reach power llc (“broad reach”), a leading utility-scale energy storage and renewable energy platform in the us. the apollo funds will acquire the stake from existing investor encap investments l.p. (“encap”) 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.
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