Ares Management’s Energy Infrastructure Funds Divest Operating Coal Portfolio
November 28 2017 - 6:30AM
Business Wire
Four Power Generation Plants in New Jersey,
West Virginia And Arkansas Producing 1.2 Gigawatts of Power Sold to
Starwood Energy Group
Ares Management L.P. (NYSE: ARES) announced today that funds
managed by its energy infrastructure team, Ares EIF, have reached
an agreement to sell a 1.2 gigawatt portfolio consisting of four
power projects to Starwood Energy Group. Two of the projects are
located in New Jersey, one is located in West Virginia and the
other is in Arkansas. Terms of the sale were not disclosed. The
transaction is subject to customary closing conditions and
regulatory approvals and is expected to close in late 2017 or early
2018.
“This sale is significant for Ares EIF as it fits with our
overall strategy of acquiring, optimizing and then divesting
projects for the benefit of our long-term investors,” said Warren
MacGillivray, Partner in Ares EIF. “The transaction also represents
the disposition of nearly all remaining assets from a diversified
portfolio consisting of 13 coal- and gas-fired assets acquired in
2007.”
Over the last two years, Ares EIF has transacted on more than
$7.5 billion in the acquisition, development, construction, and
monetization of power generation plants across the U.S. Among these
transactions are the acquisitions and/or developments of Linden
Cogenerating Station, Oregon Clean Energy and Newark Energy Center
as well as its monetization of such institutional assets as Pio
Pico Energy Center and Indiantown Cogeneration. Since inception in
1987, Ares EIF has made close to 70 equity investments in nearly
130 distinct power and energy infrastructure assets, with a total
enterprise value exceeding $20 billion.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global
alternative asset manager with approximately $106 billion of assets
under management as of September 30, 2017 and more than 15 offices
in the United States, Europe, Asia and Australia. Since its
inception in 1997, Ares has adhered to a disciplined investment
philosophy that focuses on delivering strong risk-adjusted
investment returns throughout market cycles. Ares believes each of
its three distinct but complementary investment groups in Credit,
Private Equity and Real Estate is a market leader based on assets
under management and investment performance. Ares was built upon
the fundamental principle that each group benefits from being part
of the greater whole. For more information, visit
www.aresmgmt.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171128005201/en/
Media:Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.comorInvestors:Ares
Management L.P.Carl Drake,
800-340-6597cdrake@aresmgmt.comorPriscila Roney,
212-808-1185proney@aresmgmt.com
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