General Electric (GE) is selling a $1 billion (£765bn) portfolio of energy investments to Apollo Global Management.

The portfolio, which was previously part of GE Capital’s Energy Financial Services unit, is made up of around 20 investments in renewable energy, natural gas and midstream infrastructure assets.

This part of the GE business invests in and lends money to the firm’s power and renewable energy customers.

GE has announced it will not meet this year’s profit goals.

Alec Burger, President of GE Capital, said: “The sale reflects ongoing progress executing GE Capital’s strategy, and enables us to continue to deliver on our commitments and provide value to GE”

The sale is expected to be completed towards the end of 2018.