
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.