New Investor Group Collaborates with Ares EIF at Kleen Energy
Systems, LLC
LOS ANGELES--(BUSINESS WIRE)--
Ares Management, L.P. (NYSE:ARES) announced today that its energy
infrastructure strategy, Ares EIF, has created a new investment vehicle
to manage Kleen Energy Systems, LLC on behalf of four strategic
investors. The investor group, comprised of subsidiaries of The Chugoku
Electric Power Co., Inc., Kyushu Electric Power Co., Inc., Osaka Gas
Co., Ltd. and Sojitz Corporation, acquired majority ownership interests
in Kleen Energy simultaneously with the closing of the new Ares EIF
investment vehicle. Kleen Energy is a 620-megawatt natural gas-fired
power plant located in Middletown, Connecticut. Terms of the transaction
were not disclosed.
“We are pleased to announce the next phase of Ares’ involvement with
Kleen Energy, creating a new partnership with four world-class investors
that share our long-term vision of the value and importance of Kleen
Energy,” said Andrew Pike, Partner with Ares EIF. “Kleen Energy is a
core asset to the regional power market, providing energy that is
efficient, reliable and local.”
Completed in July 2011, Kleen Energy benefits from stable cash flow
under its capacity agreement with Connecticut Light & Power as well as
its advantaged market heat rate and dual fuel capability.
“We are delighted to create a new investment partnership for this
best-in-market power plant, which will continue to provide significant
benefits to the region. Our collective experience, which accounts for
approximately 38.4 GW worldwide, will add substantive value to Kleen
Energy,” said Tadasu Yano (Osaka Gas Co., Ltd.), Makoto Kakebayashi
(Kyushu Electric Power Co., Inc.), Koichi Maeda (The Chugoku Electric
Power Co., Inc.), and Masakazu Hashimoto (Sojitz Corporation) in a joint
statement.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $112.5 billion of assets under
management as of March 31, 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180514006072/en/
Media:
Mendel Communications
Bill Mendel, 212-397-1030
[email protected]
or
Investors:
Ares
Management, L.P.
Carl Drake, 800-340-6597
[email protected]
or
Priscila
Roney, 212-808-1185
[email protected]
Source: Ares Management, L.P.
