Ares Management Snags $2.9 Billion Stake In US Renewable Energy Portfolio

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On Monday, Ares Management Corporation (NYSE:ARES) disclosed that a fund under its Ares Infrastructure Opportunities strategy acquired a 49% stake in a portfolio of assets owned by EDP Renováveis, S.A. (EDPR) for approximately $2.9 billion.

The deal includes a diversified portfolio of 10 projects totaling 1,632 megawatts of capacity, comprising 1,030 MW of solar, 402 MW of wind, and 200 MW of energy storage, spread across four U.S. power markets.