Four Power Generation Plants in New Jersey, West Virginia And
Arkansas Producing 1.2 Gigawatts of Power Sold to Starwood Energy Group
LOS ANGELES--(BUSINESS WIRE)--
Ares Management L.P. (NYSE: ARES) announced today that funds managed by
its energy infrastructure team, Ares EIF, have reached an agreement to
sell a 1.2 gigawatt portfolio consisting of four power projects to
Starwood Energy Group. Two of the projects are located in New Jersey,
one is located in West Virginia and the other is in Arkansas. Terms of
the sale were not disclosed. The transaction is subject to customary
closing conditions and regulatory approvals and is expected to close in
late 2017 or early 2018.
“This sale is significant for Ares EIF as it fits with our overall
strategy of acquiring, optimizing and then divesting projects for the
benefit of our long-term investors,” said Warren MacGillivray, Partner
in Ares EIF. “The transaction also represents the disposition of nearly
all remaining assets from a diversified portfolio consisting of 13 coal-
and gas-fired assets acquired in 2007.”
Over the last two years, Ares EIF has transacted on more than $7.5
billion in the acquisition, development, construction, and monetization
of power generation plants across the U.S. Among these transactions are
the acquisitions and/or developments of Linden Cogenerating Station,
Oregon Clean Energy and Newark Energy Center as well as its monetization
of such institutional assets as Pio Pico Energy Center and Indiantown
Cogeneration. Since inception in 1987, Ares EIF has made close to 70
equity investments in nearly 130 distinct power and energy
infrastructure assets, with a total enterprise value exceeding $20
billion.
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 September 30, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171128005201/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.
