ENGIE North America (ENGIE) has expanded its partnership with Ares Management Infrastructure Opportunities funds (Ares) by adding a nearly 1 GW portfolio. ENGIE will retain a controlling share and continue managing the assets. The 0.9 GW portfolio includes three operational solar projects across ERCOT and MISO, along with a co-located battery storage project in ERCOT.
“The expansion of our relationship with Ares reflects the strength of ENGIE’s portfolio of assets and our track record of delivering, operating and financing growth in the U.S.,” stated Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America. “The addition of another almost 1 GW of generation and storage to our existing relationship reflects the commitment both ENGIE and Ares have to meeting growing demand for power in the U.S. and continuing to deploy clean energy.”
ENGIE is a leader in the energy transition and currently has more than 11 GW of renewable production in operation or construction across the U.S. and Canada. Globally, ENGIE has 51 GW of renewables and storage in operation, and targeting 95 GW by 2030.
This transaction supports ENGIE’s strategy of continued investment in North America by deepening its partnership with a leading infrastructure investor, recycling capital to facilitate continued expansion of renewable generation to meet strong demand for power in the U.S.
“We are excited to be expanding our relationship with ENGIE through this latest transaction,” stated Steve Porto, Partner in Ares’ Infrastructure Opportunities strategy. “We have seen first-hand the ENGIE team’s strength as an operator, and the growth of this partnership reflects our shared confidence in the value proposition of this diversified portfolio and opportunities ahead in the infrastructure sector.”
Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to local authorities and businesses. Every year, ENGIE invests more than $10 billion to drive forward the energy transition and achieve its net zero carbon goal by 2045. ENGIE (ENGI), is listed on the Paris and Brussels Stock Exchanges.
