Apollo and Standard Chartered: A US$3bn Green Energy Deal

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Green banking is a new financing trend where banks shift their investment strategies to focus on sustainable technologies and environmentally-friendly initiatives
Apollo and Standard Chartered join forces in a $3bn partnership to accelerate global renewable energy, infrastructure financing and the energy transition

Apollo, a leading global alternative asset manager, is partnering with Standard Chartered (SC), the multinational bank to form a US$3bn partnership.  

The financing partnership is pledging to create global infrastructure and energy transition credit, paving the way for global renewable energy. 

Origination for the partnership’s financing activities will be primarily undertaken by Apterra, an Apollo-owned platform that focuses on originating, structuring and deploying debt capital to execute infrastructure transactions globally.

Standard Chartered is a British bank that was formed in 1969

About Apollo’s sustainability initiatives

Apollo Global Management has made significant strides in sustainability and clean energy initiatives in recent years. 

The company has launched several platforms and partnerships focused on accelerating the transition to clean energy and sustainable infrastructure.

In 2022, Apollo launched a comprehensive Sustainable Investing Platform (SIP) aimed at financing and investing in the energy transition and decarbonisation of industry.

Apollo’s SIP targets to deploy US$50bn (£41bn) in clean energy and climate investments by 2027, with the potential to deploy over US$100bn (£82bn) by 2030.

The aim of such high expenditure shows how committed the asset managers are - the partnership with SC is set to be one of many sustainability-based partnerships.

Jim Zelter, President of Apollo Global Management, explains: “The global industrial renaissance is creating unprecedented capital demands across next-gen infrastructure, sustainable power and other transition assets. 

Jim Zelter, President of Apollo Global Management

“This new agreement should accelerate our mutual financing and investment activity in these areas, and we are thrilled to do it in partnership with Standard Chartered, an important and long-time banking partner to Apollo’s franchise.”

The company launched the Apollo Clean Transition (ACT) investment strategy, which seeks to meet wide-ranging capital needs for the global energy transition.

Since 2019 Apollo-managed funds have deployed, committed or arranged more than US$30bn (£24.6bn) into energy transition, infrastructure and sustainability-related investments.

In 2023 alone, Apollo-managed funds deployed, committed, or arranged US$10bn (£8.2bn) in clean energy and climate investments across asset classes.

The company has also achieved carbon-neutral operations for the entire enterprise across its corporate Scope 1 and 2 GHG emissions by procuring carbon offsets and renewable energy certificates.

Samuel Feinstein, Apollo Partner and President of ACT Capital, comments: “We believe this partnership with Standard Chartered will serve as a significant accelerant to the growth of Apollo’s Clean Transition business and support its broader Infrastructure Credit platform, which are critical components of our firm’s strategic growth plans.

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"We are equally pleased to welcome Standard Chartered as an aligned equity partner in the growing Apterra platform and believe we can expand our work together over time to serve the evolving needs of our global client bases.

"Collectively, ACT Capital and Apterra represent significant opportunities for Apollo and Standard Chartered to access climate and infrastructure credit.”

Sustainability at Standard Chartered

SC has made significant commitments and progress in sustainability and clean energy initiatives.

The multinational bank has pledged to finance US$300bn (£245.8bn) by the end of the decade for transition financing and green financing.

SC has committed to mobilising US$35bn (£28.7bn) towards clean technology between 2020-2024, already mobilising US$18.4bn (£15bn) in 2020 alone.

The US$3bn (nearly £2.6bn) partnership with Apollo is just a fraction of the overall goal to rely on green, renewable energy. 

Bill Winters, Group Chief Executive at SC explains: “This partnership with Apollo, a market leader in alternative asset management, is a great opportunity to leverage our collective sector expertise and innovative mindset to help finance sustainable growth. 

Bill Winters, Group Chief Executive at SC is committed to helping the future generation be sustainable

“Standard Chartered and Apollo have complementary origination and distribution capabilities, which increase the scale of the financing we can jointly deploy, and the size of the projects in which we can participate. We are very pleased to build on our long-term partnership with Apollo to both expand our existing geographical coverage and mobilise capital to these critical parts of the global economy.

As well as partnering with Apollo, the bank also closed a US$235m (£192.5m) green loan facility for a solar photovoltaic manufacturing plant in Texas – enhancing their passion for renewable energy. 

Along with many other companies, SC aims to achieve net zero from its financed emissions by 2050 and in its own operations by 2030 to align with the soon approaching Paris Agreement. 

SC's efforts demonstrate a comprehensive approach to sustainability, combining financial commitments, partnerships and internal targets to support the transition to a low-carbon economy and sustainable development.

Henrik Raber, Global Head of Global Banking at SC

Henrik Raber, Global Head at Global Banking at SC, said: “With the global growth in infrastructure financing, and our strong presence in the sector, we are delighted to partner with ACT Capital, participate in Apterra and collaborate with the Apollo team. This is an exciting opportunity alongside our existing advisory and financing capabilities.”

The partnership between Apollo and SC exemplifies a powerful commitment to sustainability and renewable energy. 

By combining Apollo’s expertise in alternative asset management and infrastructure financing with SC’s strong sustainability credentials and extensive global reach, the collaboration sets a precedent for addressing critical capital demands in the global energy transition. 

Through this partnership, Apollo and SC are paving the way for transformative progress in renewable energy adoption, supporting global decarbonisation goals and contributing significantly to a more sustainable future.


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