EDISON, N.J. & LOS ANGELES--(BUSINESS WIRE)--
Conti Solar, an industry-leading renewable energy development,
engineering, procurement, and construction company, announced today that
it has received a strategic investment from a fund managed by Ares EIF,
the power and energy infrastructure strategy in the Private Equity Group
at Ares Management, L.P. (NYSE:ARES). Expected to close at the end of
April, the investment will give Ares EIF a majority ownership stake in
Conti Solar with a minority position retained by The Conti Group. Terms
of the transaction were not disclosed. The company will continue to
operate as Conti Solar, maintain its current offices, and be managed by
its current executive team. The Conti Group will continue to be involved
in the oversight and strategic direction of the company.
Conti Solar, previously a wholly-owned subsidiary of The Conti Group,
has been active in the development, engineering, procurement,
construction, and operations of solar and energy storage projects
totaling more than 500 MW throughout the United States and in select
international markets for more than a decade.
“The investment from Ares EIF will make Conti Solar a more dynamic
company and will enable us to accelerate our growth and pursue
additional strategic initiatives,” said Matthew Skidmore, CEO of Conti
Solar. “Together, we will drive more value to our customers and partners
across the industry.”
Ares EIF is an experienced investor in the U.S. power and energy
infrastructure sector and has invested in nearly 130 different power and
energy infrastructure assets with a combined underlying enterprise value
exceeding $20 billion.
“Our investment in Conti Solar is a great strategic fit for Ares EIF,
but, above all, it is an investment in Conti Solar’s management and the
strong team and culture they have built over the years,” said Keith
Derman, Partner with Ares EIF. “We will work collaboratively with Matt
and his team to continue to build upon the successes they have already
achieved.”
“We are extremely excited to partner with Ares EIF as there is a strong
cultural fit between our organizations in addition to complementary
skill sets and a shared strategic vision,” said Kurt Conti, Chairman of
The Conti Group. “This investment continues to advance our longstanding
vision of building a world-class renewable energy company.”
About Conti Solar
Conti Solar is an industry-leading solar power and energy storage
development, EPC and O&M company. Our attention to detail, flawless
execution and collaborative culture has enabled us to successfully
develop and install over 500MW of solar projects. We leverage
established partnerships with solar developers, IPPs, utilities,
off-takers, suppliers and landowners to streamline project development,
design, construction and operations, driving down project costs and
creating value across all project stakeholders. www.contisolar.com
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $106 billion of assets under management
as of December 31, 2017 and more than 15 offices in the United States,
Europe, Asia and Australia. 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
Ares EIF is the power and energy infrastructure strategy within Ares’
Private Equity Group, with a 31-year track record of investing in assets
and companies in the power generation, transmission and midstream
sectors. Since inception, Ares EIF-managed funds have made approximately
70 equity investments in nearly 130 different power and energy
infrastructure assets with a combined underlying enterprise value
exceeding $20 billion. During the last 15 years, Ares EIF has invested
in nearly 9,000 MW of greenfield generation and transmission projects,
as well as 200 miles of greenfield pipeline projects, representing over
$11 billion of capital costs.
About The Conti Group
The Conti Group is a holding company which owns businesses, assets and
invests in development, engineering, construction, infrastructure, real
estate, renewable energy, logistics, software and healthcare.
The Conti Group has a 112-year history of building successful, reputable
businesses which make a positive impact. www.thecontigroup.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: https://www.businesswire.com/news/home/20180417005834/en/
For Conti Solar:
Eric Millard, 732-520-5055
Vice
President
[email protected]
or
For
Ares Management:
Media:
Bill Mendel, 212-397-1030
Mendel
Communications
[email protected]
or
Investors:
Carl
Drake, 800-340-6597
Ares Management, L.P.
[email protected]
or
For
Conti Group:
Oded Sten, 732-520-5039
Chief Commercial
Officer
[email protected]
Source: Ares Management, L.P.
