Ares Management Corporation has acquired a 49% interest in a diversified US energy portfolio with a total enterprise value of $2.9bn (€2.49bn), from EDP Renováveis.
Ares, which is investing on behalf of a fund managed by its infrastructure opportunities strategy, said it has acquired the stake in the portfolio of 10 assets totalling 1,632MW of capacity.
The portfolio, spanning four US power markets, comprises 1,030MW of solar, 402MW of wind and 200MW of storage capacity, with all assets secured by long-term power purchase agreements.
Steve Porto, partner in the Ares infrastructure opportunities strategy, said: “We are excited to be partnering with EDPR on this highly contracted, attractive portfolio. As we continue to provide capital to support the buildout of high-quality infrastructure assets, this investment presents a compelling opportunity to further diversify Ares’ presence across key domestic power markets and growing energy subsectors.”
Sandhya Ganapathy, CEO of EDP Renewables North America, said: “We value the opportunity to partner with Ares on this transaction, which reflects the strength of our platform and the disciplined growth of our business.
“This collaboration reinforces our ability to deliver long-term value while expanding our presence in key markets across the US.”
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