Ares Management Corporation, an investment manager, announced that a fund managed by the Ares Infrastructure Opportunities strategy has acquired a 49% stake in a portfolio of projects from EDP Renováveis, a developer, owner, and operator of renewable energy infrastructure. The portfolio’s total enterprise value is estimated at around $2.9 billion.
The diversified portfolio comprises 10 assets totaling 1,632 MW, of which 1,030 MW is solar, 402 MW is wind, and 200 MW is storage, across four U.S. power markets. All projects have long-term Power Purchase Agreements, with an average remaining contract duration of 18 years.
“We are excited to be partnering with EDPR on this highly contracted, attractive portfolio,” said Steve Porto, Partner in the Ares Infrastructure Opportunities strategy. “As we continue to provide capital to support the buildout of high-quality infrastructure assets, this investment presents a compelling opportunity to further diversify Ares’ presence across key domestic power markets and growing energy subsectors.”
“We value the opportunity to partner with Ares on this transaction, which reflects the strength of our platform and the disciplined growth of our business,” said Sandhya Ganapathy, Chief Executive Officer of EDP Renewables North America. “This collaboration reinforces our ability to deliver long-term value while expanding our presence in key markets across the United States.”
With this acquisition, Ares’ renewable energy holdings now stand at around 5.7 GW across 11 states and five power markets since September 2024. The partnership combines EDPR’s operational expertise with Ares’ capabilities, investing in essential and infrastructure assets.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, approximately 19.9 GW of solar projects were acquired in the first half of 2025, compared to 18.5 GW in the first half of 2024.
In August, Bluefield Solar, the London-listed U.K. income fund focused primarily on acquiring and managing solar energy assets, announced the sale of a portfolio of solar and storage projects totaling 250 MW to Lyceum Solar, a joint venture with 25% ownership by BSIF and 75% ownership by GLIL Infrastructure.
