Ares Funds Commit $600 Million Investment in SB Energy
A Brief Summary
Funds controlled by the Infrastructure and Power strategy of Ares Management Corporation are committing to an investment worth $600 million in the US renewable energy platform SB Energy Global LLC. A large portion of the investment is by the Ares funds, while the rest will come from co-investors whose names are not known for the time being.
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Starting in 2019, SB Energy functions as the US climate infrastructure technology platform of Japan's SoftBank Corporations, which has plans to provide 10 GW of renewable energy and storage to an under-construction or operational state by the end of 2025.
The firm so far finished 1.3 GW projects in Texas and California and started building 1.7 GW of utility-scale solar parks.
SB Energy has also partnered with financial institutions to secure more than $ 4 billion in tax equity and project financing since the beginning, besides capital from Ares and SoftBank.
SB Energy co-CEO Rich Hossfeld said: "With the support of both Ares and SoftBank, SB Energy will rapidly scale our strategic platform in renewable energy, storage, and new digital products as a developer, owner, and operator of the next generation of climate infrastructure and technology.”
