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Direct Investment  + M&As  + Real Assets  |  November 21, 2023
Global Atlantic Sells Minority Stake in 26 Solar Facilities
Joe Palmisano
By: Joe Palmisano

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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Global Atlantic Financial GroupAPG

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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