Ares Management acquires majority stake in Apex Clean Energy

Oct 7, 2021 01:20 PM ET
  • Funds handled by personal equity company Ares Management Corporation have acquired a majority stake in United States renewables programmer Apex Clean Energy.
Ares Management acquires majority stake in Apex Clean Energy
Image: Apex Clean Energy via Twitter

The firms claimed the purchase will certainly offer Virginia-based Apex with additional capital as it looks for to transition to pure-play a renewables independent power manufacturer (IPP). The offer is expected to nearby completion of the year, with Apex's existing management team continuing to lead the firm.

A designer and also driver of utility-scale solar, wind and also energy storage facilities, Apex last year safeguarded a US$ 200 million lending and also now has a clean energy profile with greater than 30GW in advancement.

Among the solar PV projects it has worked on is the 80MW Altavista plant in Virginia, which was completed previously this year and has an offtake agreement in place with Facebook.

Apex CEO Mark Goodwin claimed the Ares deal will certainly allow his firm to strengthen its placement in United States utility-scale renewables advancement, operate projects as an IPP and also accelerate its expansion right into energy storage, dispersed energy sources as well as green gas.

"The energy change has actually never ever been even more urgent, and also the possibility presented by the market's momentum is both instant and also substantial," Goodwin claimed.

Ares's previous transactions in the solar market have actually seen it invest in PV project designer Heelstone Energy and also in 2018 acquire a majority risk in Conti Solar, an engineering, procurement and also construction carrier that was rebranded to CS Energy and also obtained by exclusive equity strong American Securities previously this year.

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