SB Energy Global, SoftBank Group’s US renewables platform, has received up to $600m (€518.4m) equity investment commitments from investors including Ares funds.
SB Energy said the Ares infrastructure and power strategy funds have committed the majority of the financing, with the balance expected to come from co-investors.
Since launching in the US market in 2019, SB Energy has completed development of, financed, and started construction on nearly 1.7GW of utility-scale solar projects, of which 1.3GW are currently providing clean, reliable energy to Texas and California.
Michel Combes, CEO of SoftBank Group International, said: “SoftBank launched SB Energy to accelerate access to reliable, cost-effective, renewable energy. Combining AI and technology with renewable deployment at scale is critical to the energy transformation and benefits people across the globe.
“Our new investment from Ares brings together Ares’ climate infrastructure experience, SoftBank’s AI and technology ecosystem, and SB Energy’s track record of execution into a single platform to deliver flexible renewable energy at scale.”
SB Energy co-CEO Rich Hossfeld, said: “We are proud to announce Ares’ funds’ investment, which launches a new chapter for SB Energy and an expansion of our collaboration with Ares that began in 2020
“With the support of both Ares and SoftBank, SB Energy will rapidly scale our strategic platform in renewable energy, storage, and new digital products as a developer, owner, and operator of the next generation of climate infrastructure and technology.”
Andrew Pike, partner and co-head of Ares infrastructure and power, said: “We are excited to work with SB Energy to leverage our combined strengths in driving the clean energy transition.
“Our investment in SB Energy builds on our existing relationship and reflects our focus on supporting high-quality climate infrastructure platforms through our innovative capital solutions.”
Mike Roth, partner in Ares infrastructure and power, said: “Ares and SB Energy share a commitment to accelerating the transition to a low carbon economy through the development of essential climate infrastructure assets.
“With the added support of Ares’ flexible capital, SB Energy is well-positioned to meet the growing demand for sustainable clean energy and build on its strong track record, including having brought online nearly 2 GW of solar in just two years.”
To read the latest edition of the latest IPE Real Assets magazine click here.
