Funds and other accounts managed by the Infrastructure and Power strategy of Ares Management Corporation (NYSE:ARES) have agreed to buy a controlling interest in Apex Clean Energy.
Apex originates, builds and operates utility-scale wind, solar and energy storage projects. To date, the firm has commercialised over USD 9 billion (EUR 7.8bn) of such projects and is developing a diversified clean energy portfolio that exceeds 30 GW.
The investment by the Ares-managed funds will provide Apex with more equity growth capital to help it transition to a pure-play renewable energy independent power producer (IPP), the announcement says.
Ares’ Infrastructure and Power strategy and Apex have so far been involved together in a number of projects, including the 525-MW Aviator Wind, 302-MW Lincoln Land Wind and 121-MW Ford Ridge Wind farms.
Subject to customary approvals, the deal is seen to wrap up by the end of the year. The transaction includes participation from a consortium of co-investors, including the EGCO Group and investors represented by Morgan Stanley Investment Management’s Portfolio Solutions Group, among others.
(USD 1.0 = EUR 0.862)
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