Apollo Global Management Inc announced that it agreed to invest $265 million in offshore wind developer US Wind Inc, marking the private equity firm’s first expedition into one of the peculiar areas of renewable energy development in the country.
Apollo said its investment, which includes both debt and equity, will fund the construction of an offshore wind project off the coast of Maryland.
Wind power is the largest source of renewable energy in the United States, generating about 7.3% of the nation’s electricity supply, according to the U.S. Energy Information Administration.
The majority of U.S. wind energy is currently generated onshore. But most new wind power projects are being sited offshore owing to limited availability of leased land and growing conflicts with local communities and land