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Apollo Global Management will invest $265 million in offshore wind developer US Wind Inc. to fund the construction of an offshore wind project off the coast of Maryland.
Apollo's investment in US Wind was made out of its Apollo Infrastructure Opportunities Fund II, aiming to raise $3.5 billion from investors.
The investment, which includes both debt and equity, is Apollo's first foray into wind farming.
According to the US Energy Information Administration, wind power is the largest renewable energy source in the US, generating about 7.3 percent of the country's electricity supply.
Most of the wind energy in the US is generated onshore, but new wind power projects are being sited offshore due to limited land availability and growing conflicts with communities and landowners.
US Wind holds a lease on around 80,000 acres off the coast of Maryland that can host a capacity of 1.3 gigawatts.
For the first phase of the project, US Wind will build a 270-megawatt wind power plant that will supply electricity to75,000 Maryland homes by 2024.
US Wind is also rapidly expanding in other parts of the US and abroad.
