Apollo and TotalEnergies Partner on 2GW Solar and Battery Storage Portfolio in Texas

Dec 7

2 min read

Apollo and TotalEnergies Partner on 2GW Solar and Battery Storage Portfolio in Texas

In a landmark move for the renewable energy sector, Apollo, a high-growth alternative asset manager, has announced an agreement through its managed funds to acquire a 50% stake in a substantial solar and battery energy storage system (BESS) portfolio from TotalEnergies. This deal underscores the commitment of both companies to advancing the energy transition.

Portfolio Highlights: Solar and Storage in the Heart of Texas

The portfolio, located in Texas' ERCOT market, includes:

Three solar projects with a combined capacity of 1.7GW.
Two battery storage projects totaling 300MW.

TotalEnergies will retain a 50% stake and continue operations of the Danish Fields, Cottonwood, and Hill Solar I assets, ensuring operational continuity.

Strategic Partnership to Drive the Energy Transition

Brad Fierstein, Apollo Partner, remarked, "We are pleased to partner with TotalEnergies, a leader in the energy transition. Apollo’s Clean Transition strategy positions us as a flexible and long-term capital partner to support TotalEnergies' growth and capital recycling strategies."

This partnership reflects Apollo's robust engagement in sustainability. Over the past five years, Apollo-managed funds have deployed approximately $40 billion into sustainability-focused initiatives across sectors like electric vehicles, renewable fuels, solar, wind, and storage. The firm has set ambitious targets, aiming to invest $50 billion in clean energy and climate projects by 2027, with a potential increase to $100 billion by 2030.

TotalEnergies Expanding its Renewable Energy Footprint

This deal is part of TotalEnergies' broader strategy to scale up its renewable energy portfolio globally:

Saudi Arabia: TotalEnergies and Aljomaih Energy & Water Company recently signed a 25-year power purchase agreement (PPA) for the 300MW Rabigh 2 solar power project, aligning with Saudi Vision 2030.
Germany: TotalEnergies partnered with RWE to co-develop two offshore wind projects with a combined 4GW capacity.