GE Capital entered into an agreement to sell a $1 billion portfolio comprised primarily of equity investments in energy assets to funds managed by affiliates of Apollo Global Management LLC, according to the company’s Oct. 8 press release. The sale includes 20 investments in renewable energy, contracted gas-powered generation, and midstream energy infrastructure assets in the U.S. These were part of GE Capital’s Energy Financial Services unit, which invests and lends to the industrial giant’s energy customers. The deal comes at a time when GE is trying to narrow its focus, under the leadership of its new CEO Larry Culp, who is capitalizing on a growing interest by private-equity firms like Apollo in energy investments. GE Capital is the financial services division of General Electric Company.
