Apollo to acquire stake in renewable energy developer US Wind for $265 million

Apollo Global Management Inc said on Friday that it agreed to invest $265 million in offshore wind developer US Wind Inc, marking the private equity firm's first foray into one of the hottest areas of renewable energy development in the country. Apollo said its investment, which includes both debt and equity, will fund the construction of an offshore wind project off the coast of Maryland. Wind power is the largest source of renewable energy in the United States, generating about 7.3 per cent of the nation's electricity supply, according to the US Energy Information Administration.