By Rod Walton, EnergyTech Senior Editor
Investment firm Ares Management Corp. is more than doubling its stake in the future energy transition by raising $2.2 billion which is aimed at developments in energy efficiency, renewables, storage and vehicle electrification.
Ares, which already has invested $2 billion in climate infrastructure since 2015, has raised the latest round to bolster its new Ares Climate Infrastructure Partners Fund. The new ACIP fund will invest in equity and debt for companies in the renewable energy, efficiency, storage, electric vehicle and transmission sectors.
“We appreciate the strong support and confidence from our global investor base as we continue to invest in climate infrastructure as a positive, proactive catalyst for the transition to a low carbon economy,” said Keith Derman, Partner and Co-Head of Ares Infrastructure and Power. “This is an asset class that has demonstrated resiliency across market cycles and is benefitting from significant tailwinds. With our innovative approach to structuring transactions and benefits from the Ares platform, we believe we are a partner of choice in one of the largest and fastest growing opportunity sets in the infrastructure market.”
Earlier this year, Ares Management agreed to acquire a majority stake in renewables developer Apex Clean Energy. APEX has commercialized more than $9 billion in utility-scale wind and other renewable works, including major wind farm projects in Illinois and Texas.
