Ares Management acquires $0.8B solar and battery portfolio in California

Ares Management has acquired an 80% stake in a solar and battery storage portfolio in California from EDP Renewables. The deal values the assets at approximately $0.8 billion at the start of operations.

The portfolio consists of 200 MW of utility-scale solar generation and 184 MW of battery energy storage. Both components are supported by 20-year agreements, including a Power Purchase Agreement for the solar assets and a Capacity Tolling Agreement for the storage component.

This acquisition, executed through an Ares Infrastructure Equity fund, follows a previous transaction where Ares acquired a 49% stake in a larger 1,632 MW renewable portfolio from EDPR. The California deal provides long-term contracted revenue visibility for the next two decades.