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Apollo purchases energy portfolio from GE Capital unit

A gas-fired power plant in Illinois

Apollo Global Management is buying an $1 billion energy portfolio including unspecified assumed obligations from GE Capital Energy Financial Services, spokeswoman Jaclyn Cole Cochrane said in an email.

The portfolio consists of about 20 renewable energy, natural gas-fired generation and midstream energy infrastructure properties located primarily in the U.S.

Terms of the deal and a breakdown of the assumed obligations are not being disclosed. The transaction is expected to close in the fourth quarter, subject to customary conditions.

"The sale of this equity portfolio ... enables us to continue to deliver on our commitments and provide value to GE. The Apollo funds are an ideal buyer for these assets with a disciplined investment approach and experience managing complex alternative investments," GE Capital President Alec Burger said.

GE Energy Financial Services will continue to invest in and structure third-party financial solutions for GE's power and renewable energy customers globally.

Geoffrey Strong, senior partner at Apollo, said in the same release that he expects to work with "GE's team on future energy infrastructure investment opportunities."