Kirkland Advises Apollo on Sale of Broad Reach Power to ENGIE
Kirkland & Ellis advised Apollo (NYSE: APO) in connection with the sale of Broad Reach Power, a Houston-based company specialized in battery storage, to French multinational utility company ENGIE, by co-investment partners Apollo, EnCap, Yorktown Partners and Mercuria Energy. The sale to ENGIE includes 350 MW of grid-scale battery assets in operation and 880 MW under construction mainly in the Electric Reliability Council of Texas (ERCOT) territory, with commissioning expected before the end of 2024. The acquisition also includes a 1.7 GW pipeline of battery storage projects at an advanced stage of development and a significant pipeline of early-stage projects. In November 2021, Kirkland advised Apollo on its agreement to acquire a 50 percent stake in Broad Reach Power.
The Kirkland team was led by corporate partners Adam Larson and Cyril Jones and associate Fern Langa and tax partner Mark Dundon.
