Offshore wind investment
New investment will support a major offshore wind port under development in the US.
Apollo Global Management, Inc. said that certain funds managed by its affiliates (the “Apollo Funds”) have entered into an agreement with Arthur Kill Terminal LLC for the exclusive right to invest in the Arthur Kill Terminal project (AKT), an offshore wind energy staging and assembly port in Staten Island, New York.
New York-based Atlantic Offshore Terminals (AOT) will lead the development of AKT, anticipated to begin operating in late 2025.
“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,” said Boone Davis, president of AOT. “Successful development of Arthur Kill Terminal would ensure there is sufficient staging port capacity to build New York’s target of at least 9,000 megawatts of offshore wind by 2035 as well as support the use of jackup vessels, floating foundations and other emerging offshore wind technologies on the East Coast.”
“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,” said Brad Fierstein, Principal at Apollo.
Founded in 2018, AOT‘s principal business is the development of unique, strategic properties that anticipate the technical and commercial requirements for port and manufacturing facilities needed to serve the rapidly progressing US offshore wind industry.
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