Asset manager Apollo and Standard Chartered have launched a $3bn (鈧�2.9bn) credit partnership to finance infrastructure and energy transition projects worldwide.
As part of the partnership, Standard Chartered will acquire a minority stake in Apollo鈥檚 infrastructure finance platform, Apterra for an undisclosed sum.
The banking group will also partner with Apollo Clean Transition Capital (ACT Capital) to provide the up to $3bn in clean energy and transition financing across various asset classes and sectors.
The partnership鈥檚 financing activities will primarily be originated by Apterra.
Jim Zelter, Apollo Asset Management co-president, said, 鈥淭his 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鈥檚 franchise.鈥�
Bill Winters, group CEO at Standard Chartered, said: 鈥淪tandard 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.
鈥淲e 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.鈥�
Samuel Feinstein, Apollo partner and president of ACT Capital, said, 鈥淲e believe this partnership with Standard Chartered will serve as a significant accelerant to the growth of Apollo鈥檚 clean transition business and support its broader infrastructure credit platform, which are critical components of our firm鈥檚 strategic growth plans.鈥�
Henrik Raber, global head, global banking at Standard Chartered, said: 鈥淲ith 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.
鈥淭his is an exciting opportunity alongside our existing advisory and financing capabilities.鈥�
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