Drafting vs. Engineering: Choosing the right partner for commercial projects

Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced that a fund managed by the Ares Infrastructure Opportunities strategy (the “Ares fund”) has acquired a 49% stake in a portfolio of assets from EDP Renováveis, S.A. (“EDPR”), a leading global developer, owner and operator of renewable energy infrastructure. The total estimated enterprise value for 100% of the portfolio amounts to approximately $2.9 billion.

The transaction comprises a diversified portfolio of 10 assets that aggregates to 1,632 MW of capacity, including 1,030 MW of solar, 402 MW of wind and 200 MW of storage capacity across four U.S. power markets. All projects have long-term Power Purchase Agreements, with an average remaining contract duration of 18 years.

“We are excited to be partnering with EDPR on this highly contracted, attractive portfolio,” said Steve Porto, Partner in the Ares Infrastructure Opportunities strategy. “As we continue to provide capital to support the buildout of high-quality infrastructure assets, this investment presents a compelling opportunity to further diversify Ares’ presence across key domestic power markets and growing energy subsectors.”

“We value the opportunity to partner with Ares on this transaction, which reflects the strength of our platform and the disciplined growth of our business,” said Sandhya Ganapathy, Chief Executive Officer of EDP Renewables North America. “This collaboration reinforces our ability to deliver long-term value while expanding our presence in key markets across the United States.”

This partnership brings together two experienced platforms, each contributing complementary value creation levers between EDPR’s development and operational expertise and Ares’ extensive capabilities investing in essential and high-quality infrastructure assets. This investment substantially bolsters Ares Infrastructure Opportunities’ portfolio of leading renewable assets and brings the total capacity of power generation assets in which the Ares fund has acquired interests to approximately 5.7 GW across 11 states and five power markets since September 2024.

Ares Management Corporation | www.aresmgmt.com

EDP Renewables | https://edp.com/en

Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications such as AI and Bitcoin mining, announced that it has received notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).

To regain compliance with the Listing Rule, the Company’s shares were required to maintain a minimum closing bid price of $1.00 for at least 10 consecutive business days, which was achieved on October 2, 2025. As a result, Nasdaq has closed the matter.

“We’re pleased to have regained compliance and remain focused on executing our strategy and driving long-term shareholder value,” said John Belizaire, CEO of Soluna Holdings. “With this milestone behind us, we’re continuing to build on our recent momentum and advance our mission to make renewable energy a global superpower, using computing as a catalyst.”

Soluna is now in full compliance with all Nasdaq continued listing requirements, and the Company’s stock remains listed and traded on the Nasdaq Capital Market under the ticker “SLNH.”

Soluna | solunacomputing.com

Amprius Technologies, Inc. (“Amprius” or the “Company”) (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform, announced the appointment of Ricardo C. Rodriguez as Chief Financial Officer (CFO), effective immediately. As part of a planned transition and as previously disclosed, prior Company CFO Sandra Wallach is retiring and will support the Company in the short term.

Rodriguez brings more than two decades of leadership experience in finance, strategy, and operations across the automotive, mobility, and broader technology sectors. He most recently served as CFO and Treasurer of Aspen Aerogels (“Aspen”) (NYSE: ASPN), where he guided the company through a critical growth phase that included raising significant growth capital, expanding operations, and strengthening Aspen’s positioning as a leading electrification materials provider. Prior to that, he was Aspen’s Chief Strategy Officer, playing a central role in commercial expansion and long-term strategic planning.

“Ricardo is a proven financial and strategic leader with deep expertise in electrification and advanced technologies,” said Dr. Kang Sun, CEO of Amprius Technologies. “His proven track record of driving growth with financial discipline in high-performance markets will serve as a valuable guide as we expand our commercial reach, scale global manufacturing, and reinforce Amprius’ leadership in advanced battery technology.”

“I would also like to publicly thank Sandra Wallach for her service to Amprius over the last several years. Sandra’s contributions to our Company are many, including playing a pivotal role in our successful transition to becoming a public company as well as her ongoing dedication in acting as a true steward of capital for Amprius. We wish her all the best in well-deserved retirement.”

Rodriguez added: “I am honored to join this Company at such a pivotal inflection point in its journey. Amprius is at the forefront of redefining what is possible in electrification with its silicon anode technology. I greatly appreciate the opportunity to help advance our strategy and expand this breakthrough platform, powering the future of aviation, defense, and advanced mobility. I look forward to working closely with our finance and leadership teams as well as our global partners to build on Amprius’ momentum as we continue to efficiently scale our operations.”

Earlier in his career, Rodriguez was Corporate Strategy Director at Aptiv (NYSE: APTV), where he launched and built the company’s Vehicle Electrification Systems group. He also held senior roles at ClearMotion, GM’s OnStar division; Amazon; and Fiat Chrysler Automobiles (now Stellantis). He began his career in investment banking at Lazard, where he focused on automotive mergers and acquisitions and restructuring.

Rodriguez earned a BS in Mechanical Engineering from General Motors Institute/Kettering University and an MBA from Harvard Business School.

Amprius Technologies | amprius.com

Willdan Group, Inc. (NASDAQ: WLDN) announced that it has been selected by National Grid to deliver energy efficiency services to small businesses across Massachusetts. Under this two-year agreement, Willdan will implement a small business direct install program for urban and suburban counties in Eastern Massachusetts. The agreement marks Willdan’s entry into National Grid’s Massachusetts market and expands its footprint in the Northeast.

“This program provides meaningful energy efficiency solutions for small businesses across Massachusetts,” said Nicole Piorkowski, Senior Program Manager for National Grid Massachusetts. “With the team’s community knowledge and experience, we are excited to continue helping local business owners improve their safety and comfort while lowering monthly energy costs.”

“We appreciate this opportunity to expand on the work we’ve done with National Grid in New York over the past 15 years,” said Mike Bieber, Willdan’s CEO. “This new contract extends the reach of our services and reinforces our commitment to delivering measurable energy savings and supporting the energy transition in Massachusetts.”

National Grid | www.nationalgridus.com

Willdan | www.willdan.com

Doral Renewables LLC, a leading utility-scale solar and battery storage independent power producer, has executed a Power Purchase Agreement with a corporate buyer for its 430 MWac Cold Creek Solar Project located in Schleicher and Tom Green Counties, Texas. The Agreement covers 75% of the facility's energy output and 100% of the associated Renewable Energy Credits.

This transaction increases the company's contracted energy generation to over 1.6 GW in total. The Cold Creek Solar project is expected to deliver over 1 million MWh annually. The project will support local infrastructure and community impact initiatives, such as road improvements and emergency responders, as part of its community engagement. The project also supported a local non-profit during the recent summer flooding emergency. During construction, Cold Creek Solar is estimated to create hundreds of jobs for local and regional residents and will partner with local businesses to stimulate economic activity that would benefit both counties' economies and beyond.

Doral Renewables takes special pride in its ability to develop long-term relationships with its partners, customers, and communities. As an owner-operator of its projects, Doral is excited to work with such a well-known and experienced energy buyer. "Our ability to work with a top companies and utilities is a testament to our business plan and commitment to new renewable energy projects across the United States," said Sean Boyle, Vice President, Markets of Doral Renewables. "This new relationship is a substantial accomplishment and a foundational agreement as Doral continues to expand its operating portfolio across the country".

Doral Renewables | https://doral-llc.com/

Arevon Energy, Inc., a leading American energy developer, owner, and operator, is pleased to announce that operations are underway at its Ratts 1 and Heirloom Solar projects in Pike County, Indiana. Together, the projects add 264 megawatts (MWdc) of new domestic solar power to the grid and are the company's first owned and operational utility-scale projects in the Hoosier State.

Ratts 1 and Heirloom represent an investment of nearly $400 million and will disburse more than $86 million to local governments over their lifespans, supporting schools, infrastructure, and other essential public services. The two facilities employed more than 200 full-time equivalent personnel to build the projects and also brought about an increase in spending at local stores, hotels, and restaurants. Ratts 1 Solar is under a long-term power purchase agreement with Indiana Municipal Power Agency (IMPA), and Meta is the offtaker for Heirloom Solar.

Arevon hosted a ribbon-cutting ceremony to celebrate the start of operations at Ratts 1 and Heirloom, which are now producing homegrown, reliable energy and long-term community benefits. Attending the event alongside the Arevon team were public officials, community leaders, landowners, the construction contractor Primoris Renewable Energy, and other project stakeholders. Speaking at the ribbon-cutting were Kevin Smith, Chief Executive Officer at Arevon; Kyle Brouillette, Senior Vice President, Market Operations and Planning at IMPA; Jill Hyneman, Executive Director at Pike County Chamber of Commerce; and Aaron Meyer Principal at Winslow Elementary School. Nikki Jeffers, Director of Development at Arevon, served as the event's master of ceremonies.

"Ratts 1 and Heirloom are about more than megawatts — they are tangible illustrations of the positive and real impact renewable energy can bring to local communities," said Smith. "These facilities will produce American-made power for decades, while also supporting Pike County's economy and quality of life. Arevon is proud to be a long-term partner here, as we continue to invest in Indiana's future."

"The Ratts 1 project is a great addition to IMPA's power supply portfolio," said Brouillette. "This solar site helps us further diversify our resources, assisting in our mission to provide low-cost, reliable, and environmentally responsible power. We're glad to be a part of Arevon's project and celebrate this milestone in energy production."

"Our county's legacy in energy production is strong, and now we're building on that foundation," said Hyneman. "By welcoming solar investment, Pike County is showing that honoring our past and investing in our future can go hand-in-hand in strengthening our economy, our schools, and our community for generations to come."

As the long-term owner and operator of Ratts 1 and Heirloom Solar, Arevon is committed to prioritizing community giving throughout the lifecycle of its projects. Arevon's community giving approach is centered around the following pillars: development and support of education; alleviating food and housing insecurity; and increasing and supporting public health and safety. To date, Arevon has partnered with and supported the following local organizations and initiatives: the Pike County Affordable Housing Program, Jefferson Township Volunteer Fire Department, Elmer Buchta Technology Center, Pike County Chamber of Commerce, Pike County 4-H Fair, Pike County High School Career Fair, among others.

"Pike County is an energy community, and renewable energy sources are a piece of our diversified energy strategy. We are grateful for Arevon's investment in our area," said Ashley Willis, MPA, EDFP, Executive Director at the Pike County Economic Development Corporation. "Solar power is a wonderful asset for rural communities, like Pike County, to increase assessed value and has had a positive impact on our tax revenue for our taxing districts."

Arevon is actively growing its portfolio in the Midwest region of the United States. Besides Ratts 1 and Heirloom, the company is currently constructing the two-phase 430 MWdc Kelso Solar Project in Missouri. In addition, Arevon developed and managed construction of the 251 MWdc Gibson Solar Project in Indiana on behalf of Northern Indiana Public Service Company (NIPSCO) and the 228 MWdc Posey Solar Project in Indiana on behalf of Southern Indiana Gas and Electric Company while ensuring the projects were successfully integrated into each community. Arevon is also actively advancing development on other proposed renewable energy facilities in the region.

Arevon | www.arevonenergy.com

Flender is excited to announce a significant upgrade to its Cambridge, Canada service center. The drive manufacturer is merging the Industry and Wind repair businesses at this location, equipping the facility with additional optimized tools, and increasing output capacity. This integration will streamline the company’s operations in Canada, enhance efficiency, and enable for better serving the customers across both sectors.

With the extension of the Cambridge location, Flender is increasing its assembly capacity for the Canadian market. Located close to Toronto, Cambridge is becoming the hub for the Canadian Wind and Industry service business. The layout changes will provide additional floor space and crane capacity, as well as upgraded equipment and tooling. This includes overhead and free-standing cranes, a high-performance press, a state-of-the-art power washing station, and precision surface grinding equipment.

Previously, some service repairs in the industry business were handled offsite. By bringing these repairs in-house, Flender can streamline processes and offer a more integrated service to customers.

The new layout and added capacity will enable for handling significantly more assemblies and disassembles per month for both Wind and Industry.

Benefits of the Cambridge facility expansion:

• Increased capacity: Expanded floor space and equipment allow for handling more assemblies and disassembles each month.
• Maximized efficiency: Streamlined workflows and unified operations reduce turnaround times and improve service quality.
• Better use of space: Optimized facility layout ensures every square foot is used effectively.
• Improved tools and equipment: Upgraded tools and crane capacity enhance technical capabilities.
• Unified operations: Bringing previously outsourced repairs in-house enables a more integrated and consistent service.
• More storage space: Additional floor area provides room for parts, tools, and completed units.

This expansion is a major step forward for the Cambridge service center. By consolidating operations, investing in better equipment, and adopting efficient workflows, Flender is positioned for future growth and success. The company looks forward to the positive impact this project will have on customers, employees, and partners.

Flender | https://www.flender.com/