Athene to acquire Petros PACE Finance
Athene Holding Ltd., parent company of Athene USA, announced it has entered into a definitive agreement to acquire Petros PACE Finance LLC, a leading provider of Commercial Property Assessed Clean Energy (“C-PACE”) financing to owners and developers of commercial properties throughout the United States, InsuranceNewsNet reported. Since 2016, Petros PACE Finance has originated over $700 million in long-term, fixed-rate financing for energy efficiency, water efficiency, renewable energy and resiliency projects. C-PACE financing is active in 27 states and the District of Columbia and is secured by a special property tax assessment that provides a more affordable financing alternative to mezzanine debt and equity across a variety of commercial properties, including office, hospitality and retail. The investment in Petros PACE Finance will be managed by Apollo, Athene’s strategic asset management partner. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2022.