Ares Management Corporation’s infrastructure and power assets arm and IGS Ventures have raised $150m (€134m) for a third residential solar investment fund.
Ares Infrastructure and Power and IGS said the amount raised by the IGS Resi Solar III fund will be deployed to fund a portfolio of 4,000 residential solar power installations with 25-year power purchase agreements or leases across multiple states.
Together with previous investment vehicles, the solar platform has raised nearly $450m in total capital commitments.
Andrew Pike, partner and co-head of Ares Infrastructure and Power, said: “Executing on Solar III is a testament to the strength of our partnership with IGS and the essential services provided by our market-leading Solar Platform.”
Mike Gatt, COO of distributed generation at IGS, said: “Established investment partnerships like the one we share with Ares empowers us to bring solar energy to more homeowners so that they can realise significant financial and environmental benefits.”
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