Ares Management Acquires Stake in Diversified U.S. Energy Portfolio from EDPR

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