Buyout Firm Apollo to Acquire Stake in Houston-based Energy Storage Operator Broad Reach

Apollo Global Management has agreed to buy a 50% stake in Broad Reach Power from its existing owners, the parties said, a deal which will result in up to $400 million of capital being invested in the U.S. energy storage and renewables company to fund expansion.

Founded in 2019, Broad Reach is owned by private equity duo EnCap Investments and Yorktown Partners and commodity trading firm Mercuria. As part of the deal, to be formally announced later on Nov. 22, the trio will put in extra capital, which will form part of the $400 million investment figure.