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Ares Management’s Energy Infrastructure Funds Selling 1.2 GW Portfolio Located In NJ, Other States
November 28,2017 Ares Management L.P. 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.
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