Apollo has announced that its managed funds have agreed to acquire Eagle Creek Renewable Energy, an independent operator of hydroelectric facilities in the United States. The financial terms of the deal were undisclosed. This acquisition marks a strategic move by Apollo to deepen its footprint in renewable energy infrastructure.
Eagle Creek operates 85 hydroelectric facilities across 18 states, with a combined capacity of nearly 700 megawatts. This makes it one of the largest and most diversified independent hydro platforms in the country. The company’s facilities generate enough electricity to power more than 260,000 homes, offering a reliable, low-carbon energy source with baseload capabilities—an increasingly valuable asset as demand for clean energy continues to surge.
The acquisition comes at a time when energy needs are rapidly expanding, driven by the growth of data center infrastructure and a broader industrial resurgence across the U.S. Hydropower’s ability to deliver consistent and sustainable energy makes it a critical component of the country’s energy transition strategy.
Since 2022, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $59 billion in energy transition-related investments. These investments span the energy, infrastructure, and industrial sectors, underscoring Apollo’s commitment to supporting long-term sustainability and innovation in the global energy landscape.
By adding Eagle Creek to its portfolio, Apollo is reinforcing its position as a key player in the shift toward cleaner, more resilient energy systems. The deal reflects a growing recognition of hydropower’s role in balancing energy reliability with environmental responsibility.
The deal is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be completed in the first quarter of 2026.
Advisor/counsel: BMO Capital Markets served as financial advisor and Vinson & Elkins served as legal counsel to Apollo Funds.
KEY QUOTES:
“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. We see significant opportunity to support the business in its next phase—further expanding the platform and providing reliable, clean power generation to meet the growth in demand. We look forward to bringing our network and significant industry experience to bear alongside this highly experienced team as we seek to accelerate growth.”
Joseph Romeo, Partner at Apollo
“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. With the Apollo team’s support, we look forward to building on that foundation, strengthening our operations and finding new ways to serve the growing needs of our customers.”
Neal Simmons, Chief Executive Officer of Eagle Creek
