ENGIE and Ares Management Strategic Solar and Storage Growth

ENGIE and Ares Management Forge Stronger Ties with New Portfolio

ENGIE North America has significantly enhanced its collaboration with Ares Management by adding an extensive portfolio of nearly 1 gigawatt (GW) of solar and storage assets, marking a noteworthy development in their partnership.

This addition boosts their collective investment in U.S. generation to a remarkable 3.7 GW. ENGIE retains operational control over these assets, ensuring effective management and performance oversight.

Overview of the New Portfolio

The new portfolio comprises three operational solar projects located across the Electric Reliability Council of Texas (ERCOT) and the Midcontinent Independent System Operator (MISO) markets, alongside a co-located battery storage project in ERCOT. This structure allows for a seamless integration of solar energy generation and storage capabilities, addressing the growing energy demands in the region.

ENGIE's Commitment to Clean Energy

Dave Carroll, the Chief Renewables Officer and Senior Vice President of ENGIE North America, expressed enthusiasm regarding this expansion. He noted that this partnership underscores ENGIE's robust asset portfolio and its dedication to sustainable energy solutions. Connecting 1 GW of new generation and storage to their existing infrastructure highlights both companies' commitment to addressing the increasing demand for clean energy in the United States.

ENGIE's dedication to renewable energy is evident; the company operates or constructs over 11 GW of renewable resources throughout North America. Worldwide, ENGIE boasts a substantial operation, with a target of achieving 95 GW of renewable capacity by 2030.

Strategic Investment and Future Outlook

The strategic move to expand ENGIE’s renewable asset footprint aims to continuously meet the rising need for clean energy solutions across the nation. By deepening ties with a key infrastructure investor like Ares Management, ENGIE is positioned to effectively recycle capital, fostering its growth and ability to deploy further renewable generation initiatives effectively.

Steve Porto, a partner in Ares’ Infrastructure Opportunities strategy, conveyed excitement about the evolving relationship, emphasizing the operational strengths of ENGIE. He noted that both organizations recognize the value and opportunities within this diversified portfolio and believe in its potential to serve an expanding market.

About ENGIE North America

ENGIE North America Inc., headquartered in Houston, Texas, operates as a regional hub for ENGIE, a formidable entity in the global energy transition. With over 98,000 employees worldwide, ENGIE covers all aspects of the energy value chain, from power generation to distribution and local energy infrastructures.

Every year, ENGIE invests more than $10 billion towards advancing the energy transition with an ambitious goal of achieving net zero carbon emissions by 2045. With its resilient operational capacity and commitment to renewable energy, ENGIE stands at the forefront of revolutionizing energy production and consumption.

About Ares Management

Ares Management Corporation (NYSE: ARES) is a preeminent alternative investment manager that provides innovative investment solutions across various asset classes, including credit, private equity, real estate, and infrastructure. With over $525 billion in assets under management, Ares is focused on generating attractive investment returns and fostering value within communities across North America, South America, Europe, Asia Pacific, and the Middle East.

Ares Management's collaborative approach across its investment teams ensures they provide flexible capital while driving consistent results for their stakeholders.

Frequently Asked Questions

What is the new partnership between ENGIE and Ares Management?

The partnership involves the addition of nearly 1 GW of solar and storage assets, boosting their joint investment in U.S. generation to 3.7 GW.

What types of projects are included in the new portfolio?

The portfolio includes three solar projects in operation across ERCOT and MISO and one co-located battery storage project in ERCOT.

How does this expansion affect ENGIE's renewable energy goals?

This expansion aligns with ENGIE's goals as it enhances their renewable capacity and demonstrates their commitment to clean energy solutions.

What does ENGIE aim to achieve by 2030?

ENGIE targets to operate 95 GW of renewable energy globally by 2030, solidifying their position as a leader in renewable energy.

How does Ares Management contribute to this partnership?

Ares Management provides essential infrastructure investments that support ENGIE’s expansion and operational capabilities in the renewable energy sector.

About The Author

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