Kirkland Advises Apollo on Acquiring 50% Stake in Texas Solar and Battery Energy Storage Portfolio from TotalEnergies
Kirkland & Ellis counseled Apollo Funds on an agreement to acquire a 50% stake in a Texas solar and battery energy storage system (BESS) portfolio from TotalEnergies (NYSE: TTE). The portfolio includes approximately 2 GW of solar and BESS assets in strategic locations in Texas’ ERCOT market, consisting of three solar projects with a total capacity of 1.7 GW and two battery storage projects with a combined capacity of 300 MW. TotalEnergies will retain a 50% stake in the portfolio and continue to operate the assets.
Over the past five years, Apollo-managed funds have deployed approximately $40 billion into energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure, including offshore and onshore wind, solar, storage, renewable fuels, electric vehicles as well as a wide range of technologies to facilitate decarbonization. Across asset classes, Apollo targets deploying $50 billion in clean energy and climate investments through 2027 and sees the opportunity to deploy more than $100 billion by 2030.
The Kirkland team included corporate lawyers Adam Larson, Kristin Mendoza, Ahmed Sidik, Stephen Noh, Thomas Heffernan, Austin Uhm, Gabrielle Sumich, Josh Stout, Ernesto Sanz, Tyler Ambrose, Tristan Prentice and Tyler Ciavarra; debt finance lawyers Mary Kogut, Rob Eberhardt, Chad Davis, Kaitlin Schock and James Coromilas; tax lawyers Mike Masri, Mark Dundon, Nicole Martin and Parker Hasler; derivatives lawyer Brett Ackerman; construction lawyers James Clark, Ahmed Alrikhaimi and Ryan Chastain; energy regulatory lawyers Brooksany Barrowes and Luis Cruz; real estate lawyers Victoria Acuff and Hayden Steves; government, regulatory & internal investigations lawyers Nick Niles and David Strecker; employment & labor lawyers R.D. Kohut, Christine Lacku and Jon Link; employee benefits lawyers Maureen O’Brien and Abbi Semnisky; executive compensation lawyers Stephen Jacobson, Lany Villalobos and Farrah Way; technology & IP transactions lawyers Matt Lovell and Leah Weintrub; and transactional liability lawyer Jessica Sicsu.
