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Direct Investment  + M&As  + Real Assets  | 
Global Atlantic Sells Minority Stake in 26 Solar Facilities

Global Atlantic Sells Minority Stake in 26 Solar Facilities

Global Atlantic Financial Group, a US insurance company, has sold a 33% stake in a portfolio of 26 operational solar facilities and two energy storage facilities to APG, a Dutch pension provider.

Global Atlantic, a majority-owned subsidiary of investment firm KKR, did not provide financial details of the transaction.

The portfolio has 2.2GW of capacity spread over six states, with power sold through long-term contracts with utilities. In 2018, Global Atlantic acquired a minority stake in Southern Power, which will remain the general partner.

“Investing in renewable energy sources provides an opportunity to deliver responsible, long-term returns for APG’s pension fund clients. APG’s stake in these solar and storage assets furthers our commitment to the energy transition,” said Steven Hason, managing director, head of Americas real assets at APG.

Onpeak Capital LLC served as exclusive financial advisor to Global Atlantic. Truist Securities served as exclusive financial advisor to APG.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.