Apollo SPAC Tied to Solar Lender Sinks to Palihapitiya’s Price

Solar stocks swooned Monday, casting a pall on an Apollo-backed special purpose acquisition company and enabling clean-energy investors to buy in at the same price as Wall Street titans like venture capitalist Chamath Palihapitiya.

Apollo Capital Management-sponsored Spartan Acquisition Corp. II fell as much as 0.7% to $10, the price at which investors including Palihapitiya, Coatue Management and funds and accounts managed by BlacRock agreed to invest. That’s 40% below the SPAC’s intraday peak of $16.66 in late January, following an agreement to take solar lender Sunlight Financial LLC public via a reverse merger.

Apollo SPAC Tied to Solar Lender Sinks to Palihapitiya’s Price

As part of that deal, institutional investors committed to a $250 million private stock purchase at $10 a share. Franklin Templeton and Neuberger Berman also participated in the offering.

Apollo SPAC Tied to Solar Lender Sinks to Palihapitiya’s Price

Solar stocks were pummeled Monday, continuing their decline in spite of U.S. President Joe Biden’s infrastructure-focused spending plan that includs green economy initiatives.

JinkoSolar Holding Co. appeared to suffer the brunt of the selloff in the wake of a fourth-quarter earnings miss, and was down 7.4% around midday. The Invesco Solar ETF, fell as much as 3.5% to late-March lows. Stocks tracked by the ETF, such as SunPower Corp., First Solar Inc., SolarEdge Technologies Inc. and Sunrun Inc. underperformed the broader market, falling at least 1.1% in New York compared with the S&P 500’s 0.2% decline.

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