NEW YORK and SEOUL, South Korea, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) and DL Energy today announced that DL Energy has agreed to acquire a 25% equity interest in CPV Fairview Energy Center (“CPV Fairview”) from Apollo Infrastructure Funds. CPV Fairview is a state-of-the-art 1,050MW power generation company dedicated to increasing America’s energy sustainability by providing safe, reliable, cost-effective and environmentally responsible electric power.

The Apollo Funds invested in CPV Fairview in 2018, supporting the energy center’s construction and strong operations since. CPV Fairview, based in Jackson Township, PA, has the capacity to supply more than 1 million homes and businesses with electricity. It is one of the most efficient gas units in the PJM-MAAC region and serves an increasingly critical role in helping Pennsylvania meet its energy demands while lowering energy costs and emissions.

“We are proud to have supported CPV Fairview’s construction and operations to-date as the facility helps Pennsylvania access cleaner, more reliable power while creating new, high-quality jobs,” said Apollo Partner Trevor Mills. “CPV Fairview is well positioned to continue growing and serving the community under its existing and future new owners CPV, Osaka and DL Energy.”

Apollo’s Co-Head of Infrastructure and Natural Resources Geoffrey Strong added, “Through this infrastructure fund investment, we are pleased to have helped construct and operate a state-of-the-art power facility and it’s representative of the many commitments we are making across the Apollo platform into the power and utilities sectors.”

Apollo has been highly active in investing in power and utilities and also in supporting companies driving the clean energy transition. In November, Apollo Funds acquired a 50% stake in leading energy storage and renewable energy platform, Broad Reach Power, and recently committed more than $820 million of funding to NextEra Energy Partners for its stake in a renewable energy generation portfolio. Notable activity also includes the formation of a joint venture with Johnson Controls, IonicBlue, to provide sustainability and energy efficiency services for commercial buildings; an equity commitment to FlexGen Power Systems; fund portfolio company Takkion acquiring RENEW, a leading O&M solutions provider for the renewable energy market; investing in sustainable bioenergy producer AS Graanul Invest; and forming a joint venture to accelerate growth of Great Bay Renewables.

The transaction is subject to customary closing conditions and is expected to be completed by Q1 2022. As a result of the transaction, DL Energy will join CPV Fairview’s existing equity owners Competitive Power Ventures (CPV) and Osaka Gas.

Macquarie Capital (USA) Inc. served as financial advisors and Vinson & Elkins LLP served as legal counsel to the Apollo Funds in the transaction.

About Apollo
Apollo is a high-growth, global alternative asset manager. We seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid and equity. Through our investment activity across our fully integrated platform, we serve the retirement income and financial return needs of our clients, and we offer innovative capital solutions to businesses. Our patient, creative, knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.

About DL Energy
DL Energy is a Korean company founded to be a global provider in the energy and infrastructure sectors with a particular focus on power and resources.  It intends to cover the full energy value chain of investment, development, financing, EPC and O&M through its EPC track records, in-house O&M/procurement capabilities and relationship with major developers and financial institutions. DL Energy has participated in various Independent Power Provider deals and invested more than 5.8GW conventional, renewable power plants not only in developed countries such as USA, Korea and Australia, but also in developing countries such as Jordan, Chile, Bangladesh, Pakistan where the demand for electricity is rapidly rising. To learn more, please visit www.dlenergy.co.kr.

Apollo Contact Information:

For Investors:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

For Media:
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com