Funds managed by affiliates of Apollo Global Management have entered into an agreement for the exclusive right to invest in the Arthur Kill offshore wind terminal project under development on Staten Island in the US state of New York.
Atlantic Offshore Terminals (AOT) is leading the development of Arthur Kill, which will be a staging and assembly hub for offshore wind.
The Arthur Kill terminal is expected to begin operating in late 2025.
Atlantic Offshore Terminals president Boone Davis said: “We’re thrilled to have the support of Apollo on a project poised to create significant value for New York and the US offshore wind supply chain.
“Successful development of Arthur Kill Terminal would ensure there is sufficient staging port capacity to build New York’s target of at least 9000MW of offshore wind by 2035 as well as support the use of jack-up vessels, floating foundations and other emerging offshore wind technologies on the east coast.
“Apollo has significant experience investing in wind and other renewable energy infrastructure, and we believe our combined expertise will enable us to successfully and responsibly build and operate this critical clean energy infrastructure project.”
Apollo principal Brad Fierstein said: “Arthur Kill Terminal is positioned to be a foundation of the core infrastructure supporting the offshore wind industry in New York and the surrounding region.
“We are excited by the opportunity to support the substantial industrial development and job creation the AKT project can bring to the city and region through an investment that leverages our track record in renewable energy infrastructure investments and demonstrates our commitment to sustainability.”