Dutch pension asset manager APG has acquired a 33% stake in a US solar portfolio from Global Atlantic Financial. The value of the transaction was not disclosed.

Southern Power will continue to hold the remaining stake in the 2.2-gigawatt  portfolio of 26 operating solar facilities and two battery storage projects across six US states. It will maintain overall operational responsibility for the projects.

The deal adds 600 megawatts of net capacity to APG’s US renewables portfolio, which has grown to 9GW gross across investments in solar energy, battery storage, and hydroelectricity. 

APG has over US$2 billion invested in utility-scale solar, storage, and hydroelectric assets, including the largest solar + battery storage project in the US.

“APG’s investment in this clean energy portfolio is well-aligned with our broader strategy to grow our clients’ renewable energy footprint in the Americas," says Steven Hason, managing director and head of Americas real assets at APG. "We see strong opportunity in the US to generate long-term returns while contributing to the energy transition on a significant scale.”

 “We are grateful to have partnered with Southern Power on this portfolio for the past five years, and believe the buyer will be an excellent partner for these assets going forward," notes Anup Agarwal, chief investment officer of Global Atlantic.

Since 2015, Global Atlantic has deployed more than US$7 billion across solar and other renewable infrastructure investments, ranging from early-stage developments to operational projects.