HENT signs major collaboration contract with FREYR for new battery factories in Norway

Ratos

The Norwegian construction company HENT AS, which is 73% owned by Ratos, has signed a major collaboration contract with FREYR Battery Norway AS. The contract pertains to the construction of new factories to manufacture batteries that will reduce carbon emissions from the rapidly expanding global market for electric mobility.

FREYR is planning to build factories to produce up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh in annual capacity by 2028. The first factories will be established in the Mo i Rana Industrial Park in Norway.

The first stage in the development is the construction of a 13,000-square-metre customer qualification plant. Stage two of the establishment process in Mo i Rana is to construct the first gigafactory (GF) of approximately 100,000 square metres, which following a gradual increase in production lines will have a total annual production capacity of 11.9 GWh.

“As HENT’s owner, we are pleased with this development. HENT is going from strength to strength, and is securing significant collaboration contracts. The company is known for its collaborative model and expertise in complex projects, which is obviously attractive when landmarks are to be built or new ground broken. Further proof of this is the commission to be part of constructing the battery factories,” says Christian Johansson Gebauer, Chairman of the Board of HENT and President Business Area, Construction and Services, Ratos.

FREYR and HENT have entered into a collaboration contract for the first coordination phase. The contract will extend until the final investment decision has been taken for the gigafactory. The intention is to then to proceed with an agreement between the parties to also collaborate in the second phase.

About HENT AS
HENT is a leading construction company that mainly works with new construction of public and commercial real estate. HENT focuses on project development, project management and purchasing. Its projects are carried out with their own project administration and in collaboration with a knowledgeable network of quality-assured subcontractors. They conduct projects throughout Norway and in selected segments in Sweden and Denmark.

About FREYR Battery Norway AS
FREYR is a pioneering manufacturer of clean battery solutions for a better planet. FREYR is driven by cost-efficient hydro and wind power and designs and manufactures high-density, cost-stable lithium ion batteries with a lower carbon footprint for the rapidly expanding global market for electric mobility, stationary energy storage and marine and aviation applications.

For further information, please contact:
Christian Johansson Gebauer
Chairman of the Board of HENT and President Business Area, Construction & Services, Ratos
+46 8 700 17 00

Josefine Uppling
VP Communications, Ratos
+46 76 114 54 21

About Ratos:
Ratos is a business group consisting of 13 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 36 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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Apollo Funds Announce First Close of $816 Million Investment Supporting NextEra Energy Partners’ Acquisition of 50% Interest in 2.5 GW Renewable Energy Portfolio

Apollo Global
Transaction Leverages Apollo’s Infrastructure Expertise, Flexible Capital and Institutional Relationships to Help Fuel the Clean Energy Transition

NEW YORK, Dec. 29, 2021 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds managed by its affiliates (the “Apollo Funds”) have made a first close on a $816 million in a convertible equity portfolio financing agreement with NextEra Energy Partners, LP (NYSE: NEP) in a 2.5 GW contracted renewable energy generation portfolio (the “Portfolio”). Participation in the investment by leading pensions and insurers underscores the attractiveness of the assets and a shared interest among Apollo and some of the world’s leading institutions to support the clean energy transition.

“In our view, this transaction has many hallmarks of how Apollo is helping to facilitate the clean energy transition, combining our infrastructure expertise, strong institutional relationships and a flexible, scaled capital base to commit in size and with speed to transactions of this nature,” said Geoff Strong, Apollo Partner and Co-Head of Infrastructure and Natural Resources.

Craig Farr, Apollo Partner and Head of Capital Solutions, said, “This transaction showcases our ability to bring bespoke, scaled investment opportunities to our institutional partners, while serving as a solutions partner to NextEra, helping them to redeploy capital into new, earlier stage renewable energy opportunities.”

The Portfolio consists of 13 utility-scale wind and solar assets, three of which include battery storage, that are geographically diversified across nine US states. The assets have in place long-term power purchase agreements with diversified, investment-grade counterparties. NextEra, one of the largest global renewable energy producers, will provide asset management and O&M services to the portfolio, aligning Apollo with a world-class operating partner.

Apollo, through its managed funds and accounts, has been one of the most active alternative investors in energy transition equity, debt and hybrid investments, ranging from renewable energy assets and infrastructure, including offshore and onshore wind, solar and storage, to carbon reduction technologies, to helping finance the transformation of traditional energy companies toward a cleaner future.

In the transaction, Allen & Overy LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to the Apollo Funds.

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 opportunistic. 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 assets under management. To learn more, visit www.apollo.com.

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


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Source: Apollo Global Management, Inc.

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Arcus announces an investment into Momentum Energy Group A/S, AEIF2’s eighth investment

Arcus

22 December 2021

London, United Kingdom (22 December 2021) – Arcus Infrastructure Partners (“Arcus”) is pleased to announce that Arcus European Infrastructure Fund 2 SCSp (“AEIF2” or the “Fund”) has completed an investment into Momentum Energy Group A/S (“Momentum” or the “Company”), an early mover in managing and optimising well located, late life, on-shore wind turbines. The Fund has acquired its stake in Momentum from the founder of the Company in a bilateral transaction and will own the majority of the business alongside the founder and key management.  

Today Momentum is a market leading, full scope provider covering all aspects of asset management of solar and wind projects during the entire value chain, and each phase of the asset’s technical and economic lifetime: Planning, Construction, Operational, Asset Life Extension, Repowering, Decommissioning and Sales & Sourcing of Projects. The Group operates ground and roof-based PV plants as well as offshore and onshore wind parks. These wide-ranging capabilities are backed up by the strong management team with almost 20 years’ experience, making Momentum among the pioneers within asset management of solar plants and wind turbines. 

Momentum owns a portfolio of 169 on-shore wind turbines with an installed capacity of c. 130MW. The portfolio has a capacity-weighted average age of 20 years and is being acquired in part due to its repowering and lifetime extension potential for up to c. 300MW. Furthermore, Momentum has a greenfield renewal energy development pipeline of c. 600MW across Denmark and Germany (predominantly on-shore wind and some solar), and the potential to repower an offshore/nearshore wind site in Sweden for up to 70MW. Momentum also manages a portfolio of c. 200 external asset management contracts under short-term rolling arrangements. 

Commenting on the acquisition, Ian Harding, Managing Partner and Head of Origination at Arcus said: “We are extremely pleased to announce our investment in Momentum. This marks our eighth investment for AEIF2 and the third investment in the energy sector. The investment in Momentum represents a strong fit with the Fund’s investment strategy of targeting mid-market, value-add infrastructure businesses in Europe with a strong ESG profile. Acquiring a renewable energy business adds another dimension to the fund portfolio and demonstrates Arcus’ ability to use our strong sector knowledge to identify and invest in high quality infrastructure businesses”. 

Stefano Brugnolo, Arcus Partner and Head of Energy Origination who led the transaction said: “The Origination Team has for more than two years been actively exploring potential investments in the European wind segment, an area that offers large opportunities to maximise the value of existing renewables capacity.  In early 2021, the Arcus Energy Origination team identified Momentum as an experienced operator with a unique mix of skills that makes it an ideal entry point for a value-add investment strategy. We secured a period of exclusivity and worked effectively to diligence the business and execute on a bilateral basis. We are delighted to be working with Kim and the senior management of Momentum on the future growth of the business to consolidate the fragmented market and undertake repowering, upgrade, lifetime extension and scale opportunities”. 

Kim Madsen, CEO of Momentum, commented: “We are delighted to get Arcus onboard as our new majority shareholder. Momentum has grown rapidly over the last few years, growing from 23 employees to +65 employees in just the last 18 months. To be able to continue this strong growth also in the years ahead, keeping Momentum as a key player in a more fragmented and mature renewable energy market, it was necessary to bring more international and financial resources onboard, if we are to release Momentums full potential. I am proud of my Team and on my own behalf, that Arcus decided to go all the way by investing a majority stake in Momentum, but also to team up with my colleagues and me, trusting that we are the right platform to grow from, to participate in forming a greener future for all of us”. 

22 December 2021  

 

Arcus Media Contacts: 

Debbie Johnston  E: debbie@sprengthomson.com 

T: +44 7532 183811 

Callum Spreng E: callum@sprengthomson.com    

T: +44 7803 970103 

   

About Momentum 

Established in 2005 by the CEO and founder Kim Madsen, Momentum rapidly developed to become a successful wind asset management services business. The unique business model and valuable niche expertise in the aging wind segment allowed for the development of a unique range of optimisation solutions. Today Momentum comprises three key verticals that complement each other, and is an integrated wind business with unique expertise and broad experience across development, investment, asset management and technical services.  

About Arcus 

Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and special co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value in excess of EUR 19bn (as of 30 September 2021).  Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport and energy sectors. 

www.arcusip.com

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Audax Private Equity Completes the Sale of RelaDyne, Inc. to American Industrial Partners

Audax Group

Audax Private Equity (“Audax”) today announced that it has completed the sale of RelaDyne, Inc (“RelaDyne” or the “Company”) to American Industrial Partners (“AIP”). Terms of the transaction were not disclosed.

RelaDyne is a leading provider of lubricants and distributor of less-than-truckload fuel, diesel exhaust fluid, chemicals, and other related products in the United States. RelaDyne is also an international provider of sustainability and reliability services to the commercial and industrial end-markets. The Company focuses on preventive maintenance, lowering total cost of ownership, decarbonization, and enhancing the sustainability and reliability of customers’ critical equipment and assets, and serves over 25,000 customers throughout the broad industrial, commercial, and automotive end-markets.

Don Bramley, Managing Director at Audax, said, “We are proud to have partnered with Larry and the rest of the RelaDyne team to help build the Company into a leading provider of lubricants and related services. Through organic growth and strategic acquisitions, the Company significantly expanded its product portfolio, service capabilities, and geographic presence over the last five years. We are thankful to the team for all their efforts and wish them well.”

Larry Stoddard, Chief Executive Officer of RelaDyne, said, “This is another great step in the continued evolution and strategy for RelaDyne since our formation in 2010. We thank Audax for their leadership over the past five years and look forward to partnering with AIP.”

Baird served as lead M&A advisor and Stephens served as co-advisor to RelaDyne. Kirkland & Ellis served as legal advisor to RelaDyne and Audax Private Equity.

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KKR, Ontario Teachers’ and PSP Investments complete acquisition of Spark Infrastructure

KKR

SYDNEY–(BUSINESS WIRE)– KKR, Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) and Public Sector Pension Investment Board (“PSP Investments” and together, “the Consortium”) today announced the completion of the acquisition of all issued securities of Spark Infrastructure (ASX: SKI) in an all-cash transaction for approximately A$5.2 billion. All regulatory approvals have been obtained.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211221005823/en/

Spark Infrastructure invests in essential energy infrastructure businesses within Australia, which serve over 5 million homes and businesses, and are deeply involved in supporting the transition of Australia’s electricity grid to one that is increasingly reliant on renewable energy. Spark Infrastructure’s portfolio comprises:

– 49% of SA Power Networks, the sole operator of South Australia’s electricity distribution network, supplying approximately 896,000 residential and commercial customers across the state;
– 49% in Citipower and Powercor (together known as “Victoria Power Networks”), the operator of distribution networks that supply electricity to over 1.1 million customers in Melbourne and central and western Victoria;
– 15.01% of TransGrid, the largest high-voltage electricity transmission network by volume in the National Electricity Market, connecting generators, distributors and major users in New South Wales and the Australian Capital Territory; and
– 100% of the 120MWDC /100MWAC Bomen Solar Farm located north of Wagga Wagga in New South Wales.

Andrew Jennings, a Director on KKR’s Infrastructure team in Australia, said, “We are excited to invest in Spark Infrastructure, which is a world-class business that plays a critical role in Australian communities. Alongside Ontario Teachers’ and PSP Investments, we look forward to working with the management teams of Spark Infrastructure and its portfolio companies, to support the business’ objectives to improve grid stability and build secure, high-quality and cost-effective electricity infrastructure for customers across the country.”

“Spark Infrastructure aligns perfectly with our strategy to invest in high-quality regulated infrastructure assets globally that will both benefit from and support the transition to a low-carbon economy,” said Bruce Crane, Managing Director and Head of Asia Pacific Infrastructure & Natural Resources at Ontario Teachers’. “We look forward to working with our partners and management to continue to optimize network performance and reliability while also supporting future growth of the portfolio.”

“We are excited to add Spark Infrastructure to our Infrastructure portfolio and to continue nurturing our established relationships with KKR and Ontario Teachers’,” said Sandiren Curthan, Senior Director, Infrastructure Investments, PSP Investments. “As Australia transitions away from coal, Spark Infrastructure’s electricity transmission and distribution networks are well-positioned to enable the clean energy transition toward a low-carbon economy.”

KKR is making the investment through its core infrastructure strategy which focuses on investing in high-quality regulated assets in developed OECD markets.

About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Ontario Teachers’ Pension Plan Board
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region offices are located in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario’s 331,000 active and retired teachers. For more information, visit otpp.com.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with C$204.5 billion of net assets under management as of March 31, 2021. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.

Citadel-MAGNUS
James Strong
+61 448 881 174
JStrong@citadelmagnus.com

Source: KKR

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DL Energy to Acquire Minority Stake in CPV Fairview Energy Center from Apollo Infrastructure

Apollo Global
Transaction Comes Amid Strong Performance of CPV Fairview, a Leading Local Provider of Environmentally Responsible Electric Power

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


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Source: Apollo Global Management, Inc.

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KKR Launches Stellar Renewable Power

KKR

New platform to originate long-duration, high yielding solar energy investments through greenfield development and acquisitions

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the launch of Stellar Renewable Power (“Stellar”), a new platform that will source, develop and operate utility-scale solar plants and storage facilities on behalf of KKR’s Asset-Based Finance (ABF) strategy. Stellar will source opportunities through greenfield development and acquisitions of early-stage assets from other developers.

Vijay Venkatachalam, a renewable energy expert with extensive experience developing utility-scale solar energy projects, will lead Stellar. Mr. Venkatachalam has spearheaded the development of nearly seven gigawatts of utility scale solar capacity in the United States and India, and he will be building out Stellar’s team of talented solar energy professionals over the coming months.

“As the need for renewable energy continues to grow substantially, we look forward to working together with Vijay and his team to source and develop high-quality solar energy investments that are a strong fit for our long-term capital,” said Christopher Mellia, Managing Director at KKR.

“As long-term investors in renewable energy, we see tremendous potential to build a leading, differentiated solar development platform,” said Anup Agarwal, Chief Investment Officer of Global Atlantic, a majority-owned subsidiary of KKR. “With Vijay’s leadership and the support of KKR and Global Atlantic, Stellar will be well-positioned to capitalize on the significant growth opportunities that we are seeing in this space.”

“Demand for clean power is greater now than ever before and I’m confident that with KKR’s strong backing, Stellar has the right foundation, resources and expertise to create an industry leading renewable energy platform on a global scale,” Mr. Venkatachalam said.

Funding for the platform’s activities will come from separate insurance accounts managed by KKR.

KKR has deployed more than $5 billion in 49 ABF investments globally since 2016. KKR’s portfolio includes several proprietary loan origination platforms focused on themes in consumer/mortgage finance, hard assets, SME and contractual cash flows. KKR has established these lending businesses in partnership with experienced industry management teams to pursue specific lending markets that the firm finds attractive.

About Stellar Renewable Power

Stellar Renewable Power is a solar development platform established by KKR. Stellar sources, develops and operates utility-scale solar plants and storage facilities on behalf of KKR’s Asset-Based Finance (ABF) strategy through a combination of greenfield development and acquisitions. Led by talented solar energy professionals, Stellar plans to open offices in India and Dallas, Texas.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media Contacts:
Julia Kosygina or Miles Radcliffe-Trenner
(212) 750-8300
media@kkr.com

Source: KKR & Co. Inc.

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AES Completes Purchase of Wind Generation Portfolio from Carlyle in the State of New York

Carlyle

Portfolio Currently Produces Roughly 25% of State’s Wind Power

ARLINGTON, VA (Dec. 7, 2021) – The AES Corporation (NYSE: AES) today announced the completion of the purchase of Valcour Wind Energy (Valcour) from global investment firm Carlyle (NASDAQ: CG). Valcour’s six wind farms represent the largest operating wind platform in New York and play an important role in helping the state meet its commitment to have 70% of its electricity come from renewable resources by 2030.

The Valcour portfolio currently produces roughly 25% of the State of New York’s wind power and includes:

  • Three wind parks in Clinton County totaling 279 MW
  • Two wind parks in Wyoming County totaling 227 MW
  • One wind park in Franklin County totaling 106 MW

Cogentrix Energy, a Carlyle portfolio company, operated, maintained, and managed the portfolio since Carlyle’s acquisition of Valcour in 2018. AES is assuming these responsibilities going forward.

“The State of New York is a leader in the transition to a smarter, greener energy future while ensuring communities gain the economic benefits of hosting renewable energy projects. With the acquisition of the Valcour wind portfolio and our more than two decades of experience in New York, we’re proud to work together with state and local communities to help meet these admirable goals,” said Leo Moreno, AES Clean Energy President. “This wind portfolio complements our 1 GW solar pipeline in the state, allowing us to provide custom offerings such as our 24/7 product to realize a carbon-free energy grid. Thanks to the partnership between Carlyle, Cogentrix and Valcour, the Valcour portfolio also offers a strong platform upon which we can continue to build through repowering.”

Carlyle Managing Director J.B. Oldenburg said, “We are proud to have partnered with the Cogentrix and Valcour teams to help New York State continue to make progress towards its clean energy goals. As Carlyle’s first wind investment, this was a partnership where value creation and driving positive environmental change converged and we are thrilled for AES to build upon that impact. We believe the renewable and sustainable energy sector is at an inflection point and look forward to continuing to be a key contributor to progressing the transition.”

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit AES here.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

###

Contact

AES
Gail Chalef
571.833.8804
gail.chalef@aes.com

Carlyle
Brittany Berliner
212.813.4839
Brittany.berliner@carlyle.com

Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding the COVID-19 pandemic, accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels and rates of return consistent with prior experience.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A: “Risk Factors” and Item 7: “Management’s Discussion & Analysis” in AES’ 2020 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Any Stockholder who desires a copy of the Company’s 2020 Annual Report on Form 10-K filed February 24, 2021 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com

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OPAL Fuels, a Leading Vertically Integrated Producer and Distributor of Renewable Natural Gas, to List on Nasdaq through Combination with ArcLight Clean Transition Corp. II

Arclight

OPAL Fuels LLC has entered into a business combination agreement with ArcLight Clean
Transition Corp. II (Nasdaq: ACTD) (“ArcLight”) with an enterprise value of $1.75 billion;
upon closing, the combined company will be listed on the Nasdaq Exchange under the ticker
symbol “OPL”.
 OPAL Fuels is a leading vertically integrated producer and distributor of renewable natural
gas (“RNG”) with a diversified revenue and customer base in 42 states.
 Transaction includes a $125 million fully committed common stock PIPE at $10.00 per share
anchored by NextEra Energy, Inc. (NYSE: NEE) (“NextEra Energy”), Electron Capital
Partners, Gunvor Group, Wellington Management and Adage Capital Management, with
participation by ArcLight affiliates.
 Additionally, affiliates of NextEra Energy have made a commitment for up to a $100 million
preferred equity investment in OPAL Fuels and have entered into a purchase and sale
agreement for the majority of OPAL Fuels environmental attributes.
 Assuming no redemptions, the transactions are expected to provide gross proceeds of
approximately $536 million to fund the construction of OPAL Fuels’ robust RNG development
pipeline.

WHITE PLAINS, N.Y. – (December 2, 2021) – OPAL Fuels LLC (“OPAL Fuels” or the
“Company”), a leading vertically integrated producer and distributor of renewable natural gas
(RNG), and ArcLight Clean Transition Corp. II (Nasdaq: ACTD) (“ArcLight”), a publicly-traded
special purpose acquisition company, announced today a definitive agreement for a business
combination that will result in OPAL Fuels becoming a publicly listed company. Upon closing of
the transaction, the combined company will be named OPAL Fuels Inc. and remain listed on the
Nasdaq Stock Exchange under the new ticker symbol “OPL.” The combined company will
continue to be led by OPAL Fuels co-CEOs Adam Comora and Jonathan Maurer.
RNG is a proven low-cost, low-carbon fuel that when used in transportation in place of diesel fuel
can cost 40 to 70 percent less per gallon, providing significant annual operating cost savings while
dramatically reducing the carbon footprint of heavy duty fleets.

OPAL Fuels, a FORTISTAR portfolio company, is a vertically integrated, waste-to-fuel RNG
production and distribution company with a Capture and Conversion upstream business and
Dispensing and Monetization downstream business serving the domestic heavy duty transportation
sector. Underpinned by gas rights agreements that are typically at least twenty years in length,
Capture and Conversion projects produce RNG by capturing methane emissions from landfill sites
and dairy farms. The captured methane emissions are purified and treated, turning once harmful
emissions into a source of clean, renewable energy, reducing the harmful long-term effects of
methane and carbon emissions. This flips a substantial cost – managing dairy waste and landfill
gas – into significant revenue streams for dairy farms and landfills. OPAL Fuels’ Dispensing and
Monetization operations help deliver this clean, reliable and renewable fuel to heavy duty trucking
fleets through OPAL Fuels’ national network of fueling stations, which spans 42 states and is
typically backed by fueling agreements averaging ten years in duration.
OPAL Fuels is also positioned for a future that includes the commercialization of emerging
technologies, including renewable hydrogen, through existing partnerships with key industry
participants. The company is well placed to be an enabler of renewable hydrogen that uses RNG
in its production and to develop, construct, and operate heavy duty hydrogen fueling station
networks.

OPAL Fuels has a proven business model, tracing its roots back to 1998, and is expected to
generate nearly $170 million in revenues in 2021. The company’s vertically integrated model
benefits its margin profile and positions the company well to capture share in a fragmented industry
that is characterized by smaller, non-vertically integrated upstream and downstream participants.
Today, OPAL Fuels operates 21 biomethane projects, of which three are in RNG service and the
balance are in renewable power service. Increasing secular tailwinds, which include public policy
initiatives and corporate sustainability objectives, are supporting the growth of RNG as a way to
cost effectively halt climate change and decarbonize transportation, providing strong visibility into
significant volume and EBITDA growth for OPAL Fuels over the next several years. The
company’s project pipeline totals 23, seven of which are in construction and the balance of which
are in advanced development execution.

Management Commentary
Adam Comora, co-CEO of OPAL Fuels, stated, “This transaction with ArcLight reflects a
transformative step in our company’s development and strategy. RNG powered heavy duty fleets
realize substantial savings today versus diesel and the successful execution of our robust growth
plans will expand the role of ultra low-carbon RNG across the transportation sector. By capturing
harmful fugitive methane emissions and replacing traditional fossil fuel usage, we will advance
the sustainability and decarbonization goals of public policy makers, our customers and our

partners across the nation. RNG is a right now solution to the right now problem of climate change.
RNG is one of the most attractive sources of renewable energy – its production uses existing
technologies proven at scale, it can be transported on existing pipeline infrastructure, and it can be
stored effectively until its use, all of which lead to a cost competitive and reliable fuel source. We
are thrilled to partner with ArcLight, as we believe their experience as a leading energy
infrastructure asset manager is a strong vote of confidence in the bright future of our company. We
look forward to leveraging their expertise as we execute on our business model.”
Jonathan Maurer, co-CEO of OPAL Fuels, commented, “It is an incredibly exciting time at OPAL
Fuels. The market for RNG as a transportation fuel is at an inflection point, and we are excited to
leverage our expertise in renewable power to be a leader in RNG projects as we convert renewable
power projects to renewable transportation fuel facilities. Our seasoned team, which includes
several leaders that have more than 25 years of experience in the industry, is excited to execute on
our robust project pipeline and deliver value to all of our stakeholders.”
Jake Erhard, President and CEO of ArcLight Clean Transition Corp. II said, “OPAL Fuels is a
leading platform for the production and distribution of ultra low-carbon RNG to the transportation
sector, the highest value end-market for RNG. The company’s vertically integrated model
differentiates it from other players in the industry, which together with the platform’s more than
two decades of experience gives us tremendous confidence in the company’s ability to execute its
growth plans. Importantly, OPAL Fuels’ business contributes meaningfully to sustainable
development in the transportation, waste management and agricultural industries by enabling the
adoption of leading-edge methane capture technologies and processes that drastically reduce
greenhouse gas emissions.”
John Ketchum, President and CEO of NextEra Energy Resources, said, “We’re excited about this
opportunity with OPAL Fuels to leverage renewable natural gas to produce and distribute ultra
low-carbon fuels that are helping drive decarbonization of the transportation sector. This
investment is consistent with our strategy to help lead the decarbonization of the transportation,
electricity and industrial sectors in the U.S.”

Transaction Overview
The business combination values OPAL Fuels at an implied $1.75 billion pro forma enterprise
value at a price of $10.00 per ArcLight share. The transaction and related financings are expected
to provide gross proceeds of approximately $536 million to OPAL Fuels, comprised of:
 ArcLight’s $311 million of cash held in trust, assuming no redemptions,
 A $125 million fully committed PIPE, anchored by NextEra Energy, an affiliate of
ArcLight, Electron Capital Partners, Gunvor Group, Wellington Management and Adage
Capital Management, and;

 Up to a $100 million preferred equity investment from affiliates of NextEra Energy.
The boards of directors of both ArcLight Clean Transition Corp. II and OPAL Fuels have approved
the proposed transaction, which is expected to be completed in the second quarter of 2022, subject
to, among other things, approval by ArcLight’s stockholders and satisfaction or waiver of other
conditions stated in the definitive documentation.
Additional information about the proposed transaction, including a copy of the merger agreement
and investor presentation, will be provided in a Current Report on Form 8-K to be filed by ArcLight
with the Securities and Exchange Commission and available at https://www.sec.gov/.

Advisors
BofA Securities, Inc. (“BofA Securities”) is serving as lead financial advisor and Credit Suisse
Securities (USA) LLC (“Credit Suisse”) is serving as financial advisor while Sheppard Mullin
Richter & Hampton LLP is serving as legal advisor to OPAL Fuels. Citigroup Global Markets Inc.
(“Citi”) is serving as lead financial advisor and Barclays Capital Inc. (“Barclays”) is serving as
financial advisor while Kirkland & Ellis LLP is serving as legal advisor to ArcLight. Citi, BofA
Securities, Barclays and Credit Suisse are serving as joint placement agents on the PIPE offering,
while Winston & Strawn LLP is counsel to the Placement Agents. J.P. Morgan Securities LLC
served as sole financial advisor and Hogan Lovells US LLP acted as counsel to NextEra Energy
on the transaction.

Investor Conference Call Information
OPAL Fuels and ArcLight will host a joint investor conference call at 8:30 AM ET today,
December 2, 2021, to discuss the proposed transaction. To listen to the prepared remarks via
telephone dial 1-877-407-3982 (U.S.) or 1-201-493-6780 (International) and an operator will assist
you. A telephone replay will be available at 1-844-512-2921(U.S.) or 1-412-317-6671
(International), PIN: 13725376 through December 16, 2021 at 11:59 PM ET. A transcript of this
conference call can also be found on OPAL Fuels’ Investor page and will be filed by ArcLight
with the SEC.

About OPAL Fuels LLC
OPAL Fuels LLC, a FORTISTAR portfolio company, is a leading vertically integrated renewable
fuels platform involved in the production and distribution of renewable natural gas (RNG) for the
heavy-duty truck market. RNG is a proven low carbon fuel that is rapidly decarbonizing the
transportation industry now while also significantly reducing costs for fleet owners. OPAL Fuels
captures harmful methane emissions at the source and recycles the trapped energy into a
commercially viable, low-cost alternative to diesel fuel. OPAL Fuels also develops and constructs
RNG fueling stations. As a producer and distributor of carbon-reducing fuel for heavy-duty truck
fleets for over 15 years, the company delivers best-in-class, complete renewable solutions to
customers and production partners. To learn more about OPAL Fuels and how it is leading the
effort to capture North America’s harmful methane emissions and decarbonize the transportation
industry, please visit www.opalfuels.com and follow the company on LinkedIn and Twitter at
@OPALFuels.

About ArcLight Clean Transition Corp. II
ArcLight, ArcLight Clean Transition Corp. II, led by Chairman Daniel Revers and President and
Chief Executive Officer Jake Erhard, is a special purpose acquisition company formed for the
purpose of effecting a capital stock exchange, asset acquisition, share purchase, reorganization, or
similar business combination with one or more businesses focused on opportunities created by the
accelerating transition toward sustainable use of energy and natural resources.

About FORTISTAR
Founded in 1993, FORTISTAR is a privately-owned investment firm that provides capital to build,
grow and manage companies that address complex sustainability challenges. FORTISTAR utilizes
its capital, flexibility and operating expertise to grow high-performing assets, first in independent
power projects and now into other areas that support decarbonization. For more information about
FORTISTAR or its portfolio companies, please visit: www.fortistar.com and follow the company on
LinkedIn.

Forward-Looking Statements
Certain statements in this communication may be considered forward-looking statements.
Forward-looking statements are statements that are not historical facts and generally relate to
future events or ArcLight’s or the Company’s future financial or other performance metrics. In
some cases, you can identify forward-looking statements by terminology such as “believe,” “may,”
“will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,”
“target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements, including the identification of a target business
and a potential business combination or other such transaction are subject to risks and
uncertainties, which could cause actual results to differ materially from those expressed or implied
by such forward looking statements. New risks and uncertainties may emerge from time to time,
and it is not possible to predict all risks and uncertainties. These forward-looking statements are
based upon estimates and assumptions that, while considered reasonable by ArcLight and its
management, and the Company and its management, as the case may be, are inherently uncertain
and subject to material change. Factors that may cause actual results to differ materially from
current expectations include, but are not limited to, various factors beyond management’s control,
including general economic conditions and other risks, uncertainties and factors set forth in the
section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in
ArcLight’s final prospectus relating to its initial public offering, dated September 22, 2020, and
other filings with the Securities and Exchange Commission (SEC), including the registration
statement on Form S-4 to be filed by ArcLight in connection with the transaction, as well as (1)
the inability to complete the proposed transaction; (2) factors associated with companies, such as
the Company, that are engaged in the production and integration of renewable natural gas (RNG),
-6-
including anticipated trends, growth rates, and challenges in those businesses and in the markets
in which they operate; (3) macroeconomic conditions related to the global COVID-19 pandemic;
(4) the effects of increased competition; (5) contractual arrangements with, and the cooperation of,
landfill and livestock waste site owners and operators, on which the Company operates its landfill
gas and livestock waste projects that generate electricity and RNG prices for environmental
attributes, low carbon fuel standard credits and other incentives; (6) the ability to identify, acquire,
develop and operate renewable projects and RNG fueling stations; (7) the failure to realize the
anticipated benefits of the proposed transaction, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain key employees; (8) delays in obtaining,
adverse conditions contained in, or the inability to obtain necessary regulatory approvals or
complete regulatory reviews required to complete the proposed transaction; (9) the outcome of any
legal proceedings that may be instituted in connection with the proposed transaction; (10) the
amount of redemption requests made by ArcLight’s public shareholders; and (11)the ability of the
combined company that results from the proposed transaction to issue equity or equity-linked
securities or obtain debt financing in connection with the transaction or in the future. Nothing in
this communication should be regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the contemplated results of such forwardlooking statements will be achieved. You should not place undue reliance on forward-looking
statements in this communication, which speak only as of the date they are made and are qualified
in their entirety by reference to the cautionary statements herein. Both ArcLight and the Company
expressly disclaim any obligations or undertaking to release publicly any updates or revisions to
any forward-looking statements contained herein to reflect any change in ArcLight’s or the
Company’s expectations with respect thereto or any change in events, conditions or circumstances
on which any statement is based.
Important Information and Where to Find It
A full description of the terms of the transaction will be provided in a registration statement on
Form S-4 to be filed with the SEC by ArcLight that will include a prospectus with respect to the
combined company’s securities to be issued in connection with the business combination and a
proxy statement with respect to the shareholders meeting of ArcLight to vote on the business
combination. ArcLight urges its investors, shareholders and other interested persons to read,
when available, the preliminary proxy statement/prospectus as well as other documents filed
with the SEC because these documents will contain important information about ArcLight,
the Company and the transaction. After the registration statement is declared effective, the
definitive proxy statement/prospectus to be included in the registration statement will be mailed to
shareholders of ArcLight as of a record date to be established for voting on the proposed business
combination. Once available, shareholders will also be able to obtain a copy of the S-4, including
the proxy statement/prospectus, and other documents filed with the SEC without charge, by
directing a request to: ArcLight Clean Transition Corp. II, 200 Clarendon Street, 55th Floor,
Boston, Massachusetts 02116. The preliminary and definitive proxy statement/prospectus to be
included in the registration statement, once available, can also be obtained, without charge, at the
SEC’s website (www.sec.gov).
Participants in the Solicitation

ArcLight and the Company and their respective directors and officers may be deemed to be
participants in the solicitation of proxies from ArcLight’s shareholders in connection with the
proposed transaction. Information about ArcLight’s directors and executive officers and their
ownership of ArcLight’s securities is set forth in ArcLight’s filings with the SEC. To the extent
that holdings of ArcLight’s securities have changed since the amounts printed in ArcLight’s
Registration Statement on Form S-1, such changes have been or will be reflected on Statements of
Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests
of those persons and other persons who may be deemed participants in the proposed transaction
may be obtained by reading the proxy statement/consent solicitation statement/prospectus
regarding the proposed transaction when it becomes available. You may obtain free copies of these
documents as described in the preceding paragraph.
Non-Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent or authorization
with respect to any securities or in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities of ArcLight, the Company or the
combined company, nor shall there be any sale of any such securities in any state or jurisdiction
in which such offer, solicitation, or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of the Securities Act.

Contact information
OPAL Fuels
Investors
ICR, Inc.
OPALFuelsIR@icrinc.com
Media
Jason Stewart
Senior Director Public Relations and Marketing
914-421-5336
jstewart@opalfuels.com
ICR, Inc.
OPALFuelsPR@icrinc.com
ArcLight Clean Transition Corp. II
Marco Gatti
Chief Financial Officer
617-531-6300
investor.relations@arclightclean.com

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Atlantic Power Transmission LLC, a Blackstone Infrastructure Partners Portfolio Company, Announces Bid for New Jersey Offshore Wind Transmission Project

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  • Project supported by New Jersey Union coalition including Eastern Atlantic States Regional Council of Carpenters, Operating Engineers Locals 825 and 25 and Iron Workers Local 399
  • Project expected to provide over 1,000 jobs and $1.3 billion to the New Jersey economy
  • Project designed to strengthen New Jersey’s clean energy targets and to minimize impact to local communities and environment
  • Project backed by Blackstone, a proven long-term investor and operator in infrastructure, transmission and renewable energy

Princeton, New Jersey – December 1, 2021 – Atlantic Power Transmission LLC (“APT”), a Blackstone (NYSE: BX) portfolio company, announced its bid to develop a clean power transmission solution in response to the 2021 New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities, in collaboration with PJM Interconnection. APT’s project offers a total offshore wind transmission solution of up to 3,600 MW and is expected to provide over $1.3 billion in economic value to the New Jersey economy. The project is expected to deliver clean offshore wind power to over 1.5 million New Jersey families, enabled by an underground clean energy corridor connecting to an existing substation in Central New Jersey.

APT has prioritized union labor and has partnered with the New Jersey union coalition, including Eastern Atlantic States Regional Council of Carpenters, International Union of Operating Engineers Locals 825 and 25 and Iron Workers Local 399, which will bring the region’s best-skilled and trained tradespersons to this state-of-the-art project and ensure that trades unions are a bedrock of New Jersey’s clean energy program.

Commenting on the announcement, Global Head of Infrastructure at Blackstone, Sean Klimczak said, “We are excited to support New Jersey’s offshore wind efforts and are proud to partner with the New Jersey union coalition. Blackstone Infrastructure has a proven track record and commitment to long-term partnerships, and we look forward to continuing with this transformative and innovative clean energy development project.”

William C. Sproule, Executive Secretary-Treasurer of the Eastern Atlantic States Regional Council of Carpenters said, “New Jersey is uniquely positioned as a hub for offshore wind, and we are pleased that our skilled tradespersons are at the forefront of this exciting movement to bring greater energy sustainability to our State.”

“We applaud Atlantic Power Transmission’s commitment to the Operating Engineers as they embark on the monumental task of bringing homegrown renewable energy to our electrical grid,” commented Greg Lalevee, Business Manager of IUOE 825.  “Our union is proud to be part of building a clean energy future in the state of New Jersey.”

Richard Sweeney, President and Business Manager of the Iron Workers Local 399, also stated, “We are proud to partner with Blackstone Infrastructure and Atlantic Power Transmission on ensuring good paying union jobs for years to come in this important and growing sector of our economy.”

The entire route of the project will utilize underground electric transmission lines to minimize its social and environmental impacts. The project enters onshore at an existing industrial site and aims to avoid disrupting New Jersey’s beachfront communities.

Andy Geissbuehler, APT’s CEO, stated, “We highly value our union partnership and our collaboration with the communities along the clean energy corridor. We are committed and able to manage the risks to safely and reliably construct and operate a compelling transmission solution to support New Jersey’s clean energy leadership.”

Blackstone is committed to supporting renewable energy and working closely with its union partners.  Since 2019, Blackstone has committed nearly $10 billion in investments that it believes are consistent with the broader energy transition.

In September 2021, Blackstone announced that the Champlain Hudson Power Express (“CHPE”), an underground electric transmission line spanning 339 miles between Canada and New York City, was selected by the New York State Energy Research and Development Authority as part of an extensive RFP process to deliver 1,250 MW of clean, renewable power to New York City. CHPE is expected to create 1,400 jobs, with a commitment to use union labor, and includes a $40 million new Green Economy Fund that will provide job training for clean energy jobs.

In November 2021, Blackstone portfolio companies, Altus Power, a leading clean electrification company, and Link Logistics, operator of the largest portfolio of strategic last mile locations in the US, were awarded approximately 35 MW of community solar projects in New Jersey. Together, Altus and Link will build and operate a portfolio of rooftop community solar projects to serve approximately 10,000 residential customers throughout New Jersey with renewable energy.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Blackstone Infrastructure Partners

Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

Atlantic Power Transmission LLC (“APT”)

APT is a Blackstone Infrastructure Partners Portfolio Company, headquartered in Princeton, New Jersey and is dedicated to developing, constructing and operating planned transmission systems along the US East Coast to enable efficient interconnection of commercial scale offshore wind facilities.

Contact

Paula Chirhart
Paula.Chirhart@Blackstone.com
347-463-5453

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