Global Atlantic sells minority holding in 2.2 GW of US solar, storage

US insurance company Global Atlantic Financial Group has sold its 33% holding in a 2.2-GW operating US solar and storage portfolio to Dutch pension provider APG.

Global Atlantic, a majority-owned subsidiary of investment firm KKR, announced the sale on Tuesday, without providing financial details.

The portfolio includes 26 solar farms and two energy storage facilities, located across six states, selling their power under long-term contracts with utilities. Global Atlantic bought its minority interest from Southern Power in 2018. The wholesale energy provider will remain as the general partner in the partnership after welcoming APG.

Anup Agarwal, Global Atlantic chief Investment officer, said the deal will allow the company “to continue to support development and operational excellence of clean power solutions as global demand continues to rise.”

Steven Hason of APG, said that investing in renewables offers an opportunity to generate responsible, long-term returns for APG's pension fund clients. Hason added that the transaction is in line with the company’s commitment to the energy transition.

Choose your newsletter by Renewables Now. Join for free!