Ares Management invests as much as US$ 600m in SB Energy
- Exclusive equity firm Ares Management is leading an equity financial investment of up to US$ 600 million in SB Energy, the SoftBank-owned solar developer.
This latest collaboration with Ares will add to the currently greater than US$ 4 billion in tax obligation equity and also project funding SB Energy has actually obtained because its development in order to bolster its portfolio of eco-friendly and also energy storage space projects all over the world.
Michel Combes, CEO of SoftBank Group International, claimed: "Our brand-new investment from Ares brings together Ares' climate infrastructure experience, SoftBank's AI as well as innovation community, and also SB Energy's track record of implementation into a solitary platform to deliver flexible renewable resource at scale."
SB Energy aims to develop a portfolio of 10GW of renewable energy and storage projects in operation or incomplete by the end of 2025.
Because it entered the United States market in 2019, SB Energy has actually worked with 1.7 GW of utility-scale solar projects, with the majority (1.3 GW) in Texas and also California.
Rich Hossfeld, SB Energy co-CEO, stated the assistance of Ares and also SoftBank will help scale up its critical platform in developing new sustainable and also storage projects.
Recently, SB Energy authorized a take care of First Solar for 1.5 GW of thin-film PV modules to be deployed across several plants in the United States.
In the last few years, Ares Management has actually bought the solar sector with the acquisitions of a majority stake in Conti Solar in 2018 and Apex Clean Energy last October, along with spending US$ 200 million in DSD Renewables last week.
