Ares Acquires 80% Stake in EDPR's California Solar and Battery Portfolio

Ares Management, through an Ares Infrastructure Equity fund, has acquired an 80 percent stake in a 384 MW solar and storage portfolio from EDP Renewables, comprising 200 MW of solar and 184 MW of battery storage in California. The total estimated enterprise value for 100 percent of the portfolio at the start of operations is approximately $0.8 billion. The solar capacity is contracted through a 20-year power purchase agreement, and the storage capacity through a 20-year capacity tolling agreement.

 

Ares Infrastructure Equity Managing Director Josh Bellet said the transaction reflects the firm's "focus on providing flexible capital to high-quality, essential infrastructure assets with durable cash flows, while contributing to the buildout of a more reliable and resilient U.S. power system." EDP Renewables North America CEO Sandhya Ganapathy said the deal "highlights the strength of our business and the confidence leading investors have in our long-term growth strategy," adding that partnering with Ares helps the company "accelerate renewable energy development and create lasting value for our stakeholders."

 

Read more: Xpansiv Secures Verdane-Led Capital Raise to Fund Acquisition Strategy

 

The transaction builds on Ares Infrastructure Equity's previously announced 2025 investment in a 1,632 MW diversified energy portfolio from EDPR, which included 1,030 MW of solar, 402 MW of wind and 200 MW of storage capacity across four US power markets.

 

Source: ARES