Ares will Repower the Assets with New Best-In-Class Technology
LOS ANGELES--(BUSINESS WIRE)--
Ares Management Corporation (NYSE:ARES) announced today that a fund
managed by its Infrastructure and Power strategy has closed on the
acquisition of three operating utility-scale wind facilities in Texas
from BP Wind Energy North America, Inc.
The acquisition includes two wind facilities located in the ERCOT West
region – Sherbino Mesa 2 (145 MW) and Trinity Hills (225 MW) – and one
wind facility located in the ERCOT North region – Silver Star (60 MW).
The assets have been in operation since as early as 2008 and will be
repowered by removing existing wind turbine generators and replacing
them with new best-in-class technology from a different original
equipment manufacturer – Vestas-American Wind Technology, Inc. The
repowering will maximize the efficiency and performance of the wind
facilities, as well as extend their lifespan. The repowered assets are
projected to achieve commercial operations in 2020.
“This transaction adds three flagship assets to the Ares portfolio and
reinforces Ares’ leading position as a value-added infrastructure
investor in the renewable sector,” said Keith Derman, Partner and
Co-Head of the Ares Infrastructure and Power strategy. “We are
witnessing a historic transformation of the nation’s energy sector, and
expect this investment to benefit from an innovative repowering with
efficient new technology and a highly-proven, strong wind resource.”
“As the renewables sector matures, we are seeing an increase in
investment opportunities where we can apply our structuring,
construction and operational expertise to add value. We are excited to
add these assets to the Ares portfolio,” said Steve Porto, Principal in
the Ares Infrastructure and Power strategy, who led the transaction.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global
alternative asset manager with approximately $125 billion of assets
under management as of September 30, 2018 and 18 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.
The Ares Infrastructure and Power strategy has a 31-year track record of
investing in assets and companies in the power generation, transmission
and midstream energy sectors. Ares Infrastructure and Power has deep
domain expertise based on approximately $7.7 billion of capital deployed
across more than 140 transactions. These investments include roughly 40
GW of capacity, 1,000 miles of pipelines and 20,000 MMBtu/day of
renewable natural gas. The group creates value and enhances returns by
providing flexible capital solutions and investing across the asset life
cycle, including development, construction and operations. During the
last 15 years, Ares Infrastructure and Power funds have invested in
nearly 9,000 megawatts of greenfield generation and transmission
projects, as well as over 200 miles of greenfield pipeline projects,
representing over $11 billion of capital costs.
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 Corporation 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/20181221005571/en/
Media:
Mendel Communications
Bill Mendel, 212-397-1030
[email protected]
Investors:
Ares Management Corporation
Carl Drake, 800-340-6597
[email protected]
Priscila Roney, 212-808-1185
[email protected]
Source: Ares Management Corporation
