50% stake in 2 GW Texas solar and BESS portfolio — Danish Fields (720 MWp solar + 225 MWh BESS), Cottonwood (455 MWp solar + 225 MWh BESS), Hill Solar I (solar). Total: 1.7 GW solar + 300 MW BESS.
TotalEnergies' capital recycling strategy — sells 50% at COD to maximize value and manage risk. Apollo equity contribution of $550M plus $250M shareholder loan refinancing. TotalEnergies retains 50% and continues operating. Part of TotalEnergies' 4 GW Texas renewable portfolio.
$800M
Deal Value
2,000MW
Capacity
450MWh
Storage
Solar + Storage
Technology
TX
Location
Deal Details
- Deal Type
- Project & Portfolio M&A
- Seller / Sponsor
- TotalEnergies
- Buyer / Financier
- Apollo (funds managed by Apollo affiliates)
- Deal Value
- $800M ($550M equity + $250M refinancing)
- Stage
- Operating
- ISO/RTO
- ERCOT
- Source
- Apollo Global Management
Capital Structure
$800M
Total transaction value
Debt : Equity31:69
Tranches
- Equity (50% stake purchase) · Apollo-managed funds
- $550M
- Shareholder Loan Refinancing · Apollo-managed funds
- $250M
Service Providers
Advisory & Legal
- Buyer Counsel
- Kirkland & Ellis
- Seller Counsel
- White & Case
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