Ares Management has announced that a fund managed by its Infrastructure Opportunities strategy has acquired a 49% stake in a portfolio of assets from EDP Renováveis (EDPR).
The portfolio includes ten projects with a total capacity of 1,632 MW, comprising 1,030 MW of solar, 402 MW of wind and 200 MW of storage capacity across four power markets in the USA. All assets are supported by long-term Power Purchase Agreements, with an average remaining duration of 18 years. The total estimated enterprise value for the full portfolio is around $2.9 billion.
