Apollo Funds to Invest $824 Million in NextEra Wind, Solar Offer

• Apollo Global Management Inc. agreed to invest $824 million in NextEra Energy Partners LP's acquisition of a 50% interest in a portfolio of U.S. wind as well as solar farms.

Apollo is investing via an exchangeable equity portfolio financing contract, the New York-based firm said Friday in a declaration. NextEra Energy Partners is getting the 2.5 gigawatts portfolio from its parent firm, NextEra Energy Inc

The portfolio contains 13 utility-scale wind and solar ranches, including 3 outfitted with battery storage. They're expected to be functional at the time of funding as well as have long-term power acquisition arrangements in position.

NextEra Energy Partners is the openly detailed business developed by NextEra Energy to acquire wind, solar and other energy projects.