Apollo Funds have made a structured investment in US Wind Inc, an offshore wind energy development company. Apollo Funds have committed to invest through convertible debt and equity up to US$ 265 million to acquire an equity stake in US Wind and fund development and construction costs associated with an offshore wind energy project off the coast of Maryland, USA.
US Wind controls the Maryland Wind Energy Area under a Bureau of Ocean Energy Management (BOEM) lease of approximately 80,000 acres located ten to thirty miles off the state’s coast, an area that is sufficient to install an estimated 1.3GW of renewable power generation. The first phase of the project will have a capacity of 270MW. US Wind plans to sell electricity and Offshore Wind Renewable Energy Credits under the Maryland Offshore Wind Energy Act of 2013. Anticipated to come online in early 2024, the project has a 25+ year useful life.
