[ad_1]
Article content material
Transaction to supply development capital for Apex to fulfill heightened demand related to the vitality transition
Article content material
CHARLOTTESVILLE, Va. — Apex Clear Vitality (“Apex”) and Ares Administration Company (NYSE: ARES) (“Ares”) at present introduced that funds and different accounts managed by Ares’ Infrastructure and Energy technique have entered into an settlement to amass a majority stake in Apex. The transaction will present Apex with extra fairness development capital because it seeks to transition to a pure-play renewable vitality unbiased energy producer (IPP).
Up to now, Apex has commercialized greater than $9 billion of utility-scale tasks and has a number one and diversified clear vitality portfolio with greater than 30 GW in improvement. Apex has transacted with utilities, the business and industrial (C&I) market, and world monetary establishments. Apex has been a pacesetter in clear vitality gross sales to the C&I market over the previous decade.
Funds managed by Ares’ Infrastructure and Energy technique have transacted with Apex on quite a few energy tasks, together with the 525 MW Aviator Wind—the biggest single-phase, single-site wind farm in america—the 302 MW Lincoln Land Wind, and the 121 MW Ford Ridge Wind.
“Apex and Ares are aligned on a typical mission to speed up the shift to wash vitality,” stated Mark Goodwin, President and CEO of Apex Clear Vitality. “The vitality transition has by no means been extra pressing, and the chance introduced by the {industry}’s momentum is each instant and large. Apex has grown over the previous decade to fulfill this second, and the infusion of development capital offered by this settlement will enable the corporate to strengthen its management place in U.S. utility-scale clear vitality improvement, function tasks as an IPP, and speed up strategic growth into vitality storage, distributed vitality assets, and inexperienced fuels.”
“There’s a deep, long-standing relationship between Ares and Apex, which provides us nice confidence and pleasure about this chance,” stated Keith Derman, Accomplice and Co-Head of Ares’ Infrastructure and Energy technique. “Apex has an industry-leading renewables enterprise that positions our traders on the forefront of the vitality transition in North America.”
“The transition to a low-carbon economic system is the problem of our lifetime and would require substantial capital funding and experience,” stated Steve Porto, Managing Director in Ares’ Infrastructure and Energy technique. “Apex is a pacesetter in clear vitality with a extremely proficient and skilled workforce. We’re thrilled to supply extra capital to help Apex in assembly this problem.”
Article content material
Apex’s present administration workforce will proceed to steer the corporate. The settlement is topic to customary approvals and is predicted to shut previous to the top of 2021. Lazard served as lead monetary advisor and CohnReznick Capital served as monetary advisor to Apex, and Orrick, Herrington & Sutcliffe LLP served as exterior counsel to Apex. Nomura Greentech served as monetary advisor to Ares and Kirkland & Ellis LLP served as exterior counsel to Ares on the transaction.
A consortium of co-investors, together with the EGCO Group, Varma Mutual Pension Insurance coverage Firm, Clal Insurance coverage & Finance, Menora Mivtachim Group, ST Worldwide Company, traders represented by Morgan Stanley Funding Administration’s Portfolio Options Group, The Hartford, Poalim Fairness, and IMM Funding International are collaborating on this transaction by funds and different co-investment accounts managed by Ares.
About Apex Clear Vitality
Apex Clear Vitality was based with a singular focus: to speed up the shift to wash vitality. Via origination, building, and operation of utility-scale wind, photo voltaic, and storage services, distributed vitality assets, and inexperienced gas applied sciences, Apex is increasing the renewable frontier throughout North America. Our mission-driven workforce of greater than 300 professionals makes use of a data-focused strategy and an unequalled portfolio of tasks to create options for the world’s most progressive and forward-thinking clients. For extra details about how Apex is constructing the vitality firm of the long run, go to apexcleanenergy.com or observe us on Facebook, Twitter, and LinkedIn.
About Ares Administration Company
Ares Administration Company (NYSE: ARES) is a number one world various funding supervisor providing purchasers complementary major and secondary funding options throughout the credit score, personal fairness, actual property and infrastructure asset lessons. We search to supply versatile capital to help companies and create worth for our stakeholders and inside our communities. By collaborating throughout our funding teams, we purpose to generate constant and engaging funding returns all through market cycles. As of June 30, 2021, together with the acquisition of Black Creek Group which closed July 1, 2021, Ares Administration Company’s world platform had roughly $262 billion of property below administration, with roughly 2,000 staff working throughout North America, Europe, Asia Pacific and the Center East. For extra data, please go to www.aresmgmt.com.
View supply model on businesswire.com: https://www.businesswire.com/news/home/20211006005186/en/
Contacts
Media
Apex Clear Vitality
Cat Strumlauf
Director | Company Communications
(434) 227-4196
cat.strumlauf@apexcleanenergy.com
Ares Administration Company
Invoice Mendel
(212) 397-1030
bill@mendelcommunications.com
or
Carl Drake
(800) 340-6597
cdrake@aresmgmt.com
or
Priscila Roney
(212) 808-1185
proney@aresmgmt.com
#distro
[ad_2]
Source