Apollo funds to acquire hydroelectric operator Eagle Creek

NEW YORK - Apollo Global Management (NYSE:APO), a prominent financial services player with a market capitalization of $72.1 billion and a robust financial health score according to InvestingPro, announced Monday that funds managed by the firm have agreed to acquire Eagle Creek Renewable Energy, an independent owner and operator of hydroelectric facilities across the United States.

Financial terms of the transaction were not disclosed, according to the press release statement. The announcement comes as Apollo’s stock has experienced a 9% decline over the past week, though the company maintains strong fundamentals with a current ratio of 1.71 and annual revenue of $25.13 billion.

Eagle Creek owns and operates 85 hydroelectric facilities across 18 states with a combined capacity of nearly 700 megawatts, making it one of the largest independent hydropower platforms in the country. The company’s facilities produce enough electricity to power over 260,000 homes.

"The Eagle Creek team have built one of the leading independent hydro portfolios in the U.S., with a strong safety and performance track record and a diversified footprint," said Joseph Romeo, Partner at Apollo.

Neal Simmons, Chief Executive Officer of Eagle Creek, stated, "We’re incredibly proud of the platform our team has built to date, providing clean, reliable power to communities, utilities and businesses across the U.S."

The acquisition aligns with Apollo’s energy transition investments. Since 2022, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $59 billion in energy transition-related investments.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the first quarter of 2026.

BMO Capital Markets served as financial advisor and Vinson & Elkins served as legal counsel to Apollo Funds.

In other recent news, Apollo Global Management reported an estimated $325 million in alternative net investment income for the third quarter, reflecting a 10% annualized return on its investments. This includes notable returns from its subsidiary, Athene Holding Ltd., which achieved a similar 10% annualized return on its pooled investment vehicle. Meanwhile, Apollo has launched a new venture, Apollo Sports Capital, aimed at investing in the global sports and live events sector, with Al Tylis appointed as CEO. Additionally, Apollo’s board of directors saw a change with the resignation of director Pauline Richards, which the company clarified was not due to any disagreements. In related developments, BMO Capital initiated coverage on Apollo with a Market Perform rating, citing the firm’s private credit capabilities as exemplary. Shutterfly also made headlines by announcing that Emily Whittaker, formerly of Vistaprint, will become the new CEO, succeeding Sally Pofcher. Pofcher’s leadership was marked by record performance and strategic transformations within Shutterfly’s portfolio.

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