LOS ANGELES--(BUSINESS WIRE)--
Ares Management, L.P. (NYSE:ARES) announced today that a fund managed by
the Ares EIF Group has closed an equity investment for the construction
of Birdsboro Power, a brownfield 488-MW natural gas-fired combined-cycle
generation facility located in Berks County, Pennsylvania. In connection
with this transaction, CIT Bank, GE Energy Financial Services and
Investec arranged non-recourse debt financing for the project. Terms of
the transactions were not disclosed.
The project will feature the GE 7HA.02 gas turbine and a GE steam
turbine, and will remediate and redevelop a site that was once home to a
manufacturing facility.
Birdsboro has retained Kiewit as the engineering, procurement and
construction contractor, and it is expected that the project will create
hundreds of jobs during construction and approximately 20 jobs on-site
after completion. The plant is expected to begin commercial operations
in the second quarter of 2019.
“We are excited to be moving forward on this project, which once again
demonstrates how private sector infrastructure investors can create
jobs, clean up an old dirty site, and reinvigorate the economy,” said
Ben Pike, a Vice President in the Ares EIF Group.
“Birdsboro is another example of Ares EIF partnering with an independent
developer successfully to complete a state-of-the-art combined-cycle
power project,” said Mark Voccola, a Partner in the Ares EIF Group.
“This strategic investment will benefit from efficient new turbine
technology, a differentiated location with tremendous local support, and
a once-in-a-generation transformation of the nation’s energy sector.
Natural gas from the Marcellus and Utica are driving the power market
towards a cleaner resource mix and lower cost for end consumers.”
The Ares EIF Group, formerly known as Energy Investors Funds (EIF), was
acquired by Ares in January 2015. Founded in 1987, Ares EIF has a
30-year track record and is one of the first managers focused on the
independent power and electric utility industry. Ares EIF’s investment
strategy is to create geographically and technologically diversified
portfolios of energy infrastructure investments via acquisitions as well
as development and construction across the power generation,
transmission and midstream sectors.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $99 billion of assets under management
as of December 31, 2016, including approximately $3.6 billion of AUM pro
forma for Ares Capital Corporation’s acquisition of American Capital,
Ltd., which closed on January 3, 2017, and more than 15 offices in the
United States, Europe and Asia. Since its inception in 1997, Ares has
adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995, which relate to future events or our future performance or
financial condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in our filings with the Securities and
Exchange Commission. Ares Management, L.P. undertakes no duty to update
any forward-looking statements made herein or on the webcast/conference
call.
Nothing in this press release constitutes an offer to sell or
solicitation of an offer to buy any securities of Ares or an investment
fund managed by Ares or its affiliates.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170228005408/en/
For Ares Management:
Media:
Mendel Communications
Bill
Mendel, 1-212-397-1030
[email protected]
or
Investors:
Ares
Management, L.P.
Carl Drake, 1-888-818-5298
[email protected]
Source: Ares Management, L.P.
