A fund managed by Ares Management Corp. has acquired an 80 percent stake in a 384-megawatt solar and storage portfolio in California. The seller was EDP Renewables (EDPR), a global developer, owner and operator of renewable-energy infrastructure.
The portfolio includes 200 megawatts of solar and 184 megawatts of battery energy storage. The solar capacity is contracted through a 20-year power-purchase agreement, and the storage capacity has a 20-year capacity tolling agreement. Ares said the total estimated enterprise value for 100 percent of the portfolio at the start of operations amounts to approximately $800 million.
“We are pleased to expand our relationship with EDPR through our investment in this portfolio, which combines utility-scale solar generation and battery storage, supported by long-term contractual arrangements,” said Josh Bellet, managing director at Ares Infrastructure Equity. “The transaction reflects our focus on providing flexible capital to h
