The completion of this transaction is subject to customary closing conditions and is expected to finalise in the fourth quarter of 2024. Credit: Phonlamai Photo / Shutterstock.

High-growth alternative asset manager Apollo has announced an agreement through its managed funds to acquire a 50% stake in a significant Texas solar and battery energy storage system (BESS) portfolio from TotalEnergies.

This portfolio comprises approximately 2GW of assets within the ERCOT market in Texas.

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The assets in question include three solar projects with a combined capacity of 1.7GW and two battery storage projects with a total of 300MW.

TotalEnergies will retain the remaining 50% stake and continue to operate the Danish Fields, Cottonwood, and Hill Solar I assets.

Apollo partner Brad Fierstein said: “We are pleased to partner with TotalEnergies, a leading energy company at the forefront of the energy transition, and to invest in a highly contracted, scaled renewable asset portfolio.

“Apollo’s Clean Transition strategy enables us to be a flexible and long-term capital partner, supporting the growth of TotalEnergies’ Integrated Power business and capital recycling strategy.”

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Apollo-managed funds have been active in the energy transition space, deploying around $40bn into sustainability-related investments over the past five years.

These investments span various sectors, including electric vehicles, renewable fuels, solar, storage, and wind.

Apollo aims to invest $50bn in clean energy and climate initiatives by 2027, with the potential to increase this to more than $100bn by 2030.

The completion of this transaction is subject to customary closing conditions and is expected to be finalised in the fourth quarter of 2024.

Earlier this week, TotalEnergies and the Aljomaih Energy & Water Company (AEW) were awarded a 300MW solar power project, Rabigh 2, in Saudi Arabia.

The consortium signed a 25-year power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC) during the 2024 visit of French President Emmanuel Macron to the Kingdom. This project aligns with Saudi Vision 2030’s renewable energy goals.

TotalEnergies also recently partnered with RWE to develop two offshore wind projects with a combined capacity of 4GW off the German coast.

TotalEnergies will acquire a 50% equity stake in both projects from RWE, marking a significant collaboration in the renewable energy sector.