Wednesday, December 26, 2018
Ares Buys Three Wind Farms In Texas
Los Angeles-based private equity investor Ares Management Corporation has acquired three, Texas wind farms, as part of an expansion of its renewable energy holdings, the company said last week. According to Ares, a fund managed by its Infrastructure and Power arm has acquired three operating utility-scale wind facilities in Texas, from BP Wind Energy North America. Financnial details of the asset acquisition were not announced. Ares said the deal included two wind facilities located in the ERCOT West region, the Sherbino Mesa 2 (145 MW) and Trinity Hills (225 MW) project, and one wind facility located in the ERCOT North region, Silver Star (60 MW). Ares said the move comes as it has started seeing a "historic transformation of the nation's energy sector" where it can apply its structuring, construction and operational expertise to add value. The deal was led by Steve Porto, Ares' Principal in the Ares Infrastructure and Power strategy. Ares said it has approximately $125 billion in assets under management.