Conti Solar, an industry-leading renewable energy development,
engineering, procurement, and construction company, announced today
that it has received a strategic investment from a fund managed by
Ares EIF, the power and energy infrastructure strategy in the
Private Equity Group at Ares Management, L.P. (NYSE:ARES). Expected
to close at the end of April, the investment will give Ares EIF a
majority ownership stake in Conti Solar with a minority position
retained by The Conti Group. Terms of the transaction were not
disclosed. The company will continue to operate as Conti Solar,
maintain its current offices, and be managed by its current
executive team. The Conti Group will continue to be involved in the
oversight and strategic direction of the company.
Conti Solar, previously a wholly-owned subsidiary of The Conti
Group, has been active in the development, engineering,
procurement, construction, and operations of solar and energy
storage projects totaling more than 500 MW throughout the United
States and in select international markets for more than a
decade.
“The investment from Ares EIF will make Conti Solar a more
dynamic company and will enable us to accelerate our growth and
pursue additional strategic initiatives,” said Matthew Skidmore,
CEO of Conti Solar. “Together, we will drive more value to our
customers and partners across the industry.”
Ares EIF is an experienced investor in the U.S. power and energy
infrastructure sector and has invested in nearly 130 different
power and energy infrastructure assets with a combined underlying
enterprise value exceeding $20 billion.
“Our investment in Conti Solar is a great strategic fit for Ares
EIF, but, above all, it is an investment in Conti Solar’s
management and the strong team and culture they have built over the
years,” said Keith Derman, Partner with Ares EIF. “We will work
collaboratively with Matt and his team to continue to build upon
the successes they have already achieved.”
“We are extremely excited to partner with Ares EIF as there is a
strong cultural fit between our organizations in addition to
complementary skill sets and a shared strategic vision,” said Kurt
Conti, Chairman of The Conti Group. “This investment continues to
advance our longstanding vision of building a world-class renewable
energy company.”
About Conti Solar
Conti Solar is an industry-leading solar power and energy
storage development, EPC and O&M company. Our attention to
detail, flawless execution and collaborative culture has enabled us
to successfully develop and install over 500MW of solar projects.
We leverage established partnerships with solar developers, IPPs,
utilities, off-takers, suppliers and landowners to streamline
project development, design, construction and operations, driving
down project costs and creating value across all project
stakeholders. www.contisolar.com
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 December 31, 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
Ares EIF is the power and energy infrastructure strategy within
Ares’ Private Equity Group, with a 31-year track record of
investing in assets and companies in the power generation,
transmission and midstream sectors. Since inception, Ares
EIF-managed funds have made approximately 70 equity investments in
nearly 130 different power and energy infrastructure assets with a
combined underlying enterprise value exceeding $20 billion. During
the last 15 years, Ares EIF has invested in nearly 9,000 MW of
greenfield generation and transmission projects, as well as 200
miles of greenfield pipeline projects, representing over $11
billion of capital costs.
About The Conti Group
The Conti Group is a holding company which owns businesses,
assets and invests in development, engineering, construction,
infrastructure, real estate, renewable energy, logistics, software
and healthcare.
The Conti Group has a 112-year history of building successful,
reputable businesses which make a positive impact.
www.thecontigroup.com
Forward-Looking Statements
Statements included herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, which relate to future events or our future
performance or financial condition. These statements are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described from time to time
in our filings with the Securities and Exchange Commission. Ares
Management, L.P. undertakes no duty to update any forward-looking
statements made herein or on the webcast/conference call.
Nothing in this press release constitutes an offer to sell or
solicitation of an offer to buy any securities of Ares or an
investment fund managed by Ares or its affiliates.
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version on businesswire.com: https://www.businesswire.com/news/home/20180417005834/en/
For Conti Solar:Eric Millard, 732-520-5055Vice
Presidentemillard@contisolar.comorFor Ares
Management:Media:Bill Mendel, 212-397-1030Mendel
Communicationsbill@mendelcommunications.comorInvestors:Carl Drake,
800-340-6597Ares Management, L.P.cdrake@aresmgmt.comorFor Conti
Group:Oded Sten, 732-520-5039Chief Commercial
Officerosten@thecontigroup.com
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